Insurer Cannot Recover Amounts Over ‘Reinsurance Accepted’ Limit, Panel Says
Mealey's (October 11, 2017, 2:07 PM EDT) -- ROCHESTER, N.Y. — An insurer is not entitled to recover any amounts exceeding the “reinsurance accepted” amount set forth in reinsurance certificates, a New York appeals panel ruled Oct. 6 (Utica Mutual Insurance Co. v. Alfa Mutual Insurance Co., et al., No. 17-00305, N.Y. Sup., App. Div., 4th Dept., 2017 N.Y. App. Div. LEXIS 7064).
(Memorandum and order available. Document #12-171020-007Z.)
Utica Mutual Insurance Co. sued Alfa Mutual Insurance Co. and other reinsurers in the Oneida County, N.Y., Supreme Court, seeking a declaration as to the...