We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Mealey's Insurance Insolvency

  • March 18, 2019

    Insurers’ Receiver Ordered To Address If Merchandise, Service Trust Belongs To Estate

    ST. LOUIS — In a breach of fiduciary duty lawsuit, a Missouri federal judge on March 14 ordered the special deputy receiver for three insolvent insurers to provide further briefing establishing that a third amended and restated agreement for a merchandise and services trust currently belongs to the receivership estate (Winner Road Properties LLC v. BMO Harris Bank, N.A. v. Jo Ann Howard & Associates, P.C., No. 16-1395, E.D. Mo., 2019 U.S. Dist. LEXIS 42121).

  • March 11, 2019

    Amici: Government Pulled Risk Corridor Rug Out From Under ACA Insurers

    WASHINGTON, D.C. — The government should not be permitted to incentivize private companies to participate in its Patient Protection and Affordable Care Act (ACA)  risk corridor program and then retroactively revoke its promises in vague riders, eight amicus curiae parties tell the U.S. Supreme Court in March 8 briefs (Land of Lincoln Mutual Health Insurance Co. v. United States, No. N/A, Moda Health Plan Inc. v. United States, No. 18-1028, Blue Cross and Blue Shield of North Carolina v. United States, No. 17-2154, Maine Community Health Options v. United States, No. 18-1023, U.S. Sup.).

  • March 8, 2019

    Panel: Solvent, Insolvent Insurers Are Not Required To Provide Identical Coverage

    ATLANTA — Because the Georgia Insurer’s Insolvency Pool Act’s exhaustion provision does not require solvent and insolvent insurers to provide identical coverage, a Georgia appeals panel on March 7 reversed a lower court’s denial of summary judgment to the Georgia Insurers Insolvency Pool in part, vacated it in part and remanded the case for further proceedings (Georgia Insurers Insolvency Pool v. Carla DuBose and Carla DuBose v. Georgia Insurers Insolvency Pool, Nos. A18A1531, A18A1532, Ga. App., 2019 Ga. App. LEXIS 144).

  • March 6, 2019

    Insurer Files 2nd Amended Complaint Against New York Superintendent For Redress

    NEW YORK — On March 1, an insurer filed a second amended complaint in a New York federal court against the New York superintendent of Financial Services, seeking redress for violation of its equal protection rights (Park Insurance Co. v. Maria T. Vullo, et al., No. 18-09628, S.D. N.Y.).

  • March 5, 2019

    Panel Dismisses Claims By Insurer’s Rehabilitator Against Actuarial Services Company

    BATON ROUGE, La. — In a professional negligence lawsuit filed by an insurer’s rehabilitator, a Louisiana appeals panel on Feb. 28 reversed a lower court’s ruling and, instead, dismissed claims against an actuarial services company in light of an arbitration provision in an agreement between that company and the insurer (James J. Donelon v. Terry S. Shilling, et al., No. 651,069, La. App., 1st Cir., 2019 La. App. LEXIS 360, 2019 La. App. LEXIS 363).

  • March 5, 2019

    Judge Denies Judgment To Bank On Claims Over Role For Reinsurance Trust

    COLUMBIA, S.C. — A South Carolina federal judge held Feb. 28 that claims arising from a bank’s breach of duties as trustee of a reinsurance trust for an insolvent insurer are timely (Accident Insurance Company Inc. v. U.S. Bank National Association, et al., No. 16-2621, D. S.C.).

  • February 21, 2019

    Insolvent Insurer’s Liquidator Requests Court Approval Of Notices Of Determinations

    HARRISBURG, Pa. — A Pennsylvania court was asked by the liquidator for Reliance Insurance Co. on Feb. 5 to approve final omnibus notices of determinations (NODs) that have been issued to guaranty associations (GAs) to resolve all the claims submitted by those individual GAs (In re:  Reliance Insurance Co. in liquidation, No. 1 REL 2001, Pa. Cmwlth.).

  • February 19, 2019

    Banks Seek Judgment On Damages In Insurers’ Special Deputy Receiver’s Lawsuit

    ST. LOUIS — Two banks assert in a Feb. 14 reply brief that a Missouri federal court should grant their motion for partial judgment on claims for certain alleged categories of damages in a dispute filed by a special deputy receiver and state insurance guaranty associations regarding allegations over the mishandling of insolvent funeral insurers’ funds (Jo Ann Howard & Associates P.C., et al. v. J. Douglas Cassity, et al., No. 09-01252, E.D. Mo.).

  • February 15, 2019

    Driver Sues New Jersey Insurance Guaranty Association For Injuries

    PATERSON, N.J. — A New Jersey resident and the New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA) were named as defendants in a personal injury lawsuit filed Feb. 13 in state court (Maria Rodriguez v. Shamira Tirado, et al., No. PAS-L-000485-19, N.J. Super., Passaic Co.).

  • February 14, 2019

    Justice Appoints Referee To Hear Disputes In Insurer’s Liquidation

    WHITE PLAINS, N.Y. — A New York justice on Feb. 5 appointed a referee to hear disputes regarding claim determinations made in the liquidation proceeding of Touchstone Health HMO Inc. and approved the procedure for the liquidator’s adjudication of claims (In the matter of the liquidation of Touchstone Health HMO Inc., No. 54964/2018, N.Y. Sup., Westchester Co.).

  • February 14, 2019

    Hedge Fund Liquidators: Specific Allegations Exist In Fraud, Conspiracy Case

    NEW YORK — In their fraud and conspiracy lawsuit, liquidators for two hedge funds tell a New York federal court in a Feb. 11 brief that they have asserted specific allegations to withstand motions to dismiss their amended complaint claiming that funds with a net asset value of nearly $1 billion turned out not only to be insolvent but also to have liabilities between $400 million and $800 million (Martin Trott, et al. v. Platinum Management [NY] LLC, et al., No. 18-10936, S.D. N.Y.).

  • February 14, 2019

    Mediation Ordered In Breach Of Contract Case Over Trust’s Role For Insolvent Insurer

    COLUMBIA, S.C. — In a breach of contract and breach of fiduciary duty lawsuit against a bank sued for its role as trustee of a reinsurance trust for an insolvent insurer, a federal magistrate judge in South Carolina on Feb. 12 ordered all parties to conduct mediation (Accident Insurance Company Inc. v. U.S. Bank National Association, et al., No. 16-2621, D. S.C.).

  • February 14, 2019

    Justice Closes Ancillary Receivership For Guarantee Insurance Company

    NEW YORK — A New York justice on Feb. 1 closed the ancillary receivership proceeding for Guarantee Insurance Co. (In the matter of the ancillary receivership of Guarantee Insurance Co., No. 453158/2017, N.Y. Sup., New York Co.).

  • February 13, 2019

    Insurer Responds To Home Liquidator’s Settlement With Religious Organization

    CONCORD, N.H. — Regarding a mutually insured religious organization, an insurer tells a New Hampshire trial court in a Feb. 11 response that a $2.5 million settlement agreement reached between the insured and the liquidator of The Home Insurance Co. does not affect any contribution or subrogation the insurer may have in the future against the estate (In the matter of the liquidation of The Home Insurance Co., No. 03-E-0106, N.H. Super., Merrimack Co.).

  • February 11, 2019

    Virgin Islands Insurance Commissioner Seeks Ancillary Receivership

    ST. THOMAS, Virgin Islands — A Virgin Islands insurance commissioner in a Feb. 6 petition asks a Virgin Islands federal court to appoint him and successors as Real Legacy Assurance Company Inc.’s ancillary receiver (Tregenza A. Roach v. Real Legacy Assurance Company Inc., No. 19-00007, D. Virgin Islands).

  • February 7, 2019

    Investors Seek Dismissal Of Fraud, Conspiracy Case From Hedge Fund Liquidators

    NEW YORK — In 11 motions filed Feb. 4, parties argue under a theory of impermissible group pleading that a New York federal court should dismiss a fraud and conspiracy lawsuit filed by liquidators for two hedge funds over allegations that the funds with a net asset value of nearly $1 billion turned out not only to be insolvent but also to have liabilities between $400 million and $800 million (Martin Trott, et al. v. Platinum Management [NY] LLC, et al., No. 18-10936, S.D. N.Y.).

  • February 7, 2019

    ACA Insurers Seek High Court Review Of Risk-Corridor Cases

    WASHINGTON, D.C. — Congress’ promise to cover Patient Protection and Affordable Care Act (ACA) risk-corridor liabilities only to revoke that duty in vaguely worded appropriations riders is a “bait-and-switch” tactic that leaves the government completely unaccountable, a quartet of insurers tell the U.S. Supreme Court in a trio of Feb. 4 petitions (Land of Lincoln Mutual Health Insurance Co. v. United States, No. N/A, Moda Health Plan Inc. v. United States, No. 18-1028, Blue Cross and Blue Shield of North Carolina v. United States, No. 17-2154, Maine Community Health Options v. United States, No. 18-1023, U.S. Sup.).

  • February 6, 2019

    Man Sues New Jersey Insurance Guaranty Association For Damages

    PATERSON, N.J. — A New Jersey man seeks damages in a Feb. 1 complaint filed in a New Jersey court from New Jersey Property Liability Insurance Guaranty Association (NJPLIGA) for injuries suffered in a motor vehicle accident (Charles McQueen v. New Jersey Property Liability Insurance Guaranty Association, No. PAS-L-000353-19, N.J. Super., Passaic Co.).

  • February 5, 2019

    Judge Denies Default Judgment To Insurer’s Special Deputy Receiver

    ANDERSON, S.C. — A request for default judgment by a special deputy receiver for a multiple-employer self-insured health plan was denied by a South Carolina federal judge on Jan. 28 (Michael J. FitzGibbons, et al. v. Alton Atkinson, et al., No. 17-2092, D. S.C., 2019 U.S. Dist. LEXIS 13119).

  • February 5, 2019

    Banks: Affirmative Defenses Are Sufficient In Insurers’ Funds Mishandling Case

    ST. LOUIS — In a dispute over the mishandling of funds belonging to insolvent funeral insurers, banks argue in a Feb. 1 motion filed in a Missouri federal court that their investment adviser, authorization and an in pari delicto defenses are supported by the law and the evidence in the case (Jo Ann Howard & Associates P.C., et al. v. J. Douglas Cassity, et al., No. 09-01252, E.D. Mo.).

Can't find the article you're looking for? Click here to search the Mealey's Insurance Insolvency archive.