Puerto Rico Federal Court Says Convention and FAA Preempt McCarran-Ferguson Act

[Editor's note: Benjamin Stearns’ practice focuses on regulated industries, primarily medical marijuana and property and casualty insurance. Benjamin works with state regulators to resolve compliance matters and negotiate enforcement actions. He also lobbies the Florida Legislature and has testified before legislative committees.]

SAN JUAN, Puerto Rico - In a dispute over whether an international insurance policy provided coverage for losses resulting from a fire that destroyed the insured property, the U.S. District Court for the District of Puerto Rico determined that the Convention on the Recognition and Enforcement of Foreign Arbitral Awards and chapter 2 of the Federal Arbitration Act …