Judge OKs $7.8M Commutation Of Reinsurers’ Obligations To Insolvent Insurer

(August 31, 2015, 11:46 AM EDT) -- HARRISBURG, Pa. — A Pennsylvania judge on Aug. 26 approved a commutation, settlement agreement and release between an insolvent insurer and a pair of reinsurers (In re: Reliance Insurance Co. in liquidation, No. 1 REL 2001, Pa. Cmwlth.).

(Order available. Document #10-150925-001R.)

The Pennsylvania Commonwealth Court declared Reliance Insurance Co. insolvent and ordered its liquidation on Oct. 3, 2001. The court appointed the state’s insurance commissioner as liquidator.

Teresa Miller is the state’s current insurance commission and Reliance’s liquidator.

The liquidator applied with the court for...
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