Suit could bar insurer transfers; 'assumption reinsurance.' (Tom Gallagher, Commissioner, Florida Department of Insurance v. American Health and Life Insurance Co.)

Article Abstract:

The Florida Department of Insurance sued four insurance companies in June 1992 for breaching the contract terms of 7,000 policies they had underwritten but later transferred, unbeknownst to the policyholders, to the Guarantee Security Life Insurance Co, which went bankrupt last August. This practice is known as assumption reinsurance. The action alleges that the four defendants transferred approximately 30,000 annuities worth about $280 million to Guarantee Security Life and that they and Guarantee Security Life are jointly liable for breach of the contractual terms of the policies.

Insurance law

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Firm sued on partner payout; an 'accounting matter'?

Article Abstract:

Sanford M. Litvack and Andrew J. Kilcarr, two former partners at Donovan Leisure Newton and Irvine, have sued the firm for breach of contract. They maintain the firm does not want to follow the provisions of a partnership agreement that deferred some payments coming to departing partners for five years. The issue is a five-year deferral clause not unusual in such agreements, whose purpose is to prevent defections while enhancing the firm's short-term cash flow.

Legal services, Donovan Leisure Newton Irvine

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The best defense; the NLJ's top defense wins of 2000; here's our no. 1 pick; Davis Polk'd 'no-witness' tactic saves Peat Marwick

Article Abstract:

The National Law Journal's first choice in defense wins for 2000 is discussed, the Common Fund for Non-Profit Organization's suit against KPMG Peat Marwick for accounting malpractice and breach of contract.

United States, Accountants, Malpractice, KPMG Peat Marwick L.L.P., Common Fund for Non-Profit Organizations

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