Chancellor Dismisses Life Insurers’ Claim In Reinsurer’s Rehabilitation Proceeding

Mealey's (May 26, 2020, 1:54 PM EDT) -- WILMINGTON, Del. — Life insurers failed to state a claim in a reinsurer’s rehabilitation proceeding over offsets or recoupment of reinsurance premiums and claim payments under a settlement agreement, a Delaware chancellor ruled May 19, finding that the insurers’ group offsetting methodology was not authorized because it lacked mutuality (In matter of Scottish Re [U.S.], Inc. in rehabilitation, No. 2019-0175-AGB, Del. Chanc., 2020 Del. Ch. LEXIS 193)....