Reinsurer Moves to Dismiss Amended Claims for Bad Faith, Unjust Enrichment in Commissions Dispute
May 18, 2022
NEW YORK — An Indian reinsurer has moved to dismiss claims for bad faith and unjust enrichment in an amended complaint accusing it of breaching binding authority agreements by refusing to pay a reinsurance intermediary $600 million in commissions.
In a May 12 motion filed in the U.S. District Court for the Southern District of New York, General Insurance Corporation of India (GIC Re) contends the claims are duplicative of plaintiff AM RE Syndicate Inc.’s breach of contract claim.
In 2017, AM Re and GIC entered into two Binding Authority Agreements with GIC — an Ocean and Inland Marine Binding …