Nebraska Supreme Court Rules That the Federal Risk Retention Act Preempts State Law

(firmenpresse) - CHICAGO, IL -- (Marketwired) -- 09/30/14 -- The Nebraska Supreme Court ruled last week that the Liability Risk Retention Act preempts a state law which prohibits arbitration provisions in insurance policies.

A chiropractor sued Allied Professionals Insurance Company, a risk retention group, claiming that an arbitration provision in the Allied policy was illegal under state law. Allied appealed the district court ruling in favor of the chiropractor. The Supreme Court overruled the district court in an unqualified opinion that the federal Liability Risk Retention Act (LRRA) preempts the state law.

"I am very pleased by this sweeping ruling in favor of the risk retention industry on the preemption of state laws regulating risk retention groups," said Michael Schroeder, Chairman of Allied. He pointed out that the Nebraska Supreme Court decision follows recent favorable decisions in similar cases by federal circuit courts of appeal in the Second and Eleventh Circuits.

Joseph Deems, Executive Director of the National Risk Retention Association (NRRA), speaking at the Association's annual conference in Chicago hailed the decision as an "important precedent that reinforces the preemption provisions of the LRRA in cases that involve state statutes and is one more in a series of court decisions upholding the right of risk retention groups to operate free of most regulation in all 50 states when licensed in a single state."



For more information, contact
Mechlin Moore
NRRA
Director of Communications

239-777-1595

Weitere Infos zu dieser Pressemeldung:

Themen in dieser Pressemitteilung:


Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: Marketwired
Datum: 30.09.2014 - 19:00 Uhr
Sprache: Deutsch
News-ID 340150
Anzahl Zeichen: 0

contact information:
Town:

CHICAGO, IL

Kategorie:

Commercial & Investment Banking

Diese Pressemitteilung wurde bisher 273 mal aufgerufen.


Die Pressemitteilung mit dem Titel:
"Nebraska Supreme Court Rules That the Federal Risk Retention Act Preempts State Law"
steht unter der journalistisch-redaktionellen Verantwortung von

National Risk Retention Association (Nachricht senden)

Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).

Dan Labrie Elected Chairman National Risk Retention Association ...

CHICAGO, IL -- (Marketwired) -- 10/02/14 -- Dan Labrie, President and CEO of HAI Group, which serves public housing authorities across the United States, was elected Chairman of the National Risk Retention Association (NRRA) at its Board of Director ...

Ed Meehan -- Pioneer of Captive Regulation Honored With Karen Cutts Award ...

CHICAGO, IL -- (Marketwired) -- 10/02/14 -- Ed Meehan, pioneer of captive insurance regulation in the United States, was honored posthumously with the Karen Cutts Visionary Award, which is granted annually by the National Risk Retention Association ...

Protecting Data From Cyber Attacks to Headline National Risk Retention Associati ...

CHICAGO, IL -- (Marketwired) -- 09/16/14 -- Leaders in the risk retention sector of the insurance industry will focus on cyber security as a major issue at the National Risk Retention Association (NRRA) conference, September 30-October 2, in Chicago ...

Alle Meldungen von National Risk Retention Association