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International Arbitration and State Regulation: The Interaction Between the McCarran-Ferguson Act and the New York Convention
Direct insurance contracts, like other commercial agreements, can be structured to provide for arbitration as the chosen means of dispute resolution. See, e.g., Michael Ha, Arbitration Boosts Efficiency: Alliance, National Underwriter, March 17, 2003. Despite the perceived efficiencies of arbitration, some groups have pushed for widespread regulation of the use of arbitration clauses in commercial insurance contracts. See Mandatory Arbitration on NAIC Agenda, Insurance Chronicle, Feb. 3, 2003. Thus far, those opposed to arbitration clauses in insurance contracts have focused their efforts on persuading individual state regulators to restrict or ban the inclusion of mandatory arbitration clauses. See id.
The presumed primacy of state authorities in insurance regulation is grounded in the McCarran-Ferguson Act, 15 U.S.C. ”1011-1015. Consequently, there may be situations where a federal policy in favor of arbitration yields to state regulations that forbid the practice in the specific context of insurance contracts. See, e.g., National Home Ins. Co. v. King, 291 F. Supp. 2d 518, 529-30 (E.D. Ky. 2003) (gathering leading cases). That view often relies on the McCarran-Ferguson Act statement that “[n]o Act of Congress shall be construed to invalidated, impair, or supersede any law enacted by any State for the purpose of regulating the business of insurance … unless such Act specifically relates to the business of insurance.” 15 U.S.C. '1012(b). Because the Federal Arbitration Act (“FAA”) ' which contains the federal government's most-cited expression of support for arbitration clauses ' does not relate specifically to insurance, see National Home Ins., 291 F. Supp. 2d at 528, some courts have concluded that its general support for the enforcement of arbitration clauses is “reverse pre-empted” by the McCarran-Ferguson Act.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.