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Preview: LexisNexis® Mealey's™ Insurance Insolvency Legal News

LexisNexis® Mealey's™ Insurance Insolvency Legal News



Headline Insurance Insolvency Legal News from LexisNexis®



 



Judge Approves Merger Of Insolvent, Solvent Insurers
CHICAGO - An Illinois judge on Dec. 16 approved the merger of an insolvent insurer with a solvent insurer to protect the life insurance policy, annuity and pension obligations of the insolvent insurer (In the Matter of the Rehabilitation of Polish Women's Alliance of America, No. 14-CH-14340, Ill. Cir., Cook Co., Chanc. Div.).



Justice Orders Liquidation Of 52-Year-Old Insurance Company
NEW YORK - A New York justice on Dec. 21 ord00ered an accident and health insurer that had once operated in 40 states into liquidation (In the Matter of the Application of Maria T. Vullo, Superintendent of Financial Services of the State of New York, for an order to take possession and liquidate the business and affairs of American Medical and Life Insurance Company, No. 452041/2016, N.Y. Sup., New York Co.).



Justice Orders Termination Of Insurance Insolvency Liquidation Proceeding
NEW YORK - A New York justice on Dec. 23 granted a liquidator's request and ordered the end of the liquidation proceeding of an insolvent insurer (In the Matter of the Liquidation of Long Island Insurance Company, No. 400106/11, N.Y. Sup., New York Co.).



Judge Reopens Liquidation Proceeding That Was Dismissed For Want Of Prosecution
CHICAGO - An Illinois judge on Jan. 4 reopened a liquidation proceeding that had been closed when no one from the liquidator's office had appeared at a liquidation status hearing (In the Matter of the Liquidation of the Administrative Employer Group, Inc. and The Liquidation of Employer's Consortium V, Inc., No. 07-CH-23319, Ill. Cir., Cook Co., Chancery Div.).



Judge Approves Sale Of Building Owned By Insolvent Insurer
CHICAGO - An Illinois judge on Jan. 17 approved the sale of an insolvent insurer's office building to a property company for $900,000 (In the Matter of the Rehabilitation of Millers First Insurance Company, No. 12-CH-21255, Ill. Cir., Cook Co.).



Judge Approves Payments To Settle Lawsuit And Claim Against Insolvent Insurer
MASON, Mich. - A Michigan judge on Dec. 22 approved the recommendations of the liquidator of an insolvent insurer to settle a lawsuit and claim brought against the insurer's rehabilitation estate (Patrick McPharlin, Director of the Department of Insurance and Financial Services v. Affirmative Insurance Company of Michigan, No. 15-898-CR, Mich. Cir., Ingham Co.).



Judge Allows Environmental Property Damage Claims Against Insolvent Insurer
CONCORD, N.H. - A New Hampshire judge on Dec. 20 approved the recommendation of the liquidator of an insolvent insurer, allowing an agreement with an insured under which the insolvent insurer will pay $125,000 to a company regarding asserted environmental property damage claims (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Judge OKs $140M Net Allowed Amount Recommendation For State Insurance Guarantors
HARRISBURG, Pa. - A Pennsylvania judge on Jan. 18 approved the recommendation of the liquidator of an insolvent insurer to cover the obligations of certain state insurance guaranty associations (In re: Reliance Insurance Company in Liquidation, No. 1 REL 2001, Pa. Cmwlth.).



Judge Certifies Class In Insurer's ACA Risk-Corridor Suit
WASHINGTON, D.C. - A federal judge hearing a case over the alleged failure to pay monies owed under the Patient Protection and Affordable Care Act (ACA) risk corridor on Jan. 3 granted an insurer's class certification motion, saying the United States' lack of opposition does not waive future rights to seek decertification or subclasses as appropriate (Health Republic Insurance Co. v. The United States of America, No. 16-259, Fed. Clms.).



Judge Grants Unopposed Motion Seeking Stay Of ACA Risk-Corridor Lawsuit
WASHINGTON, D.C. - A federal judge on Dec. 14 granted an unopposed motion by the United States of America to stay proceedings challenging the government's failure to make annual payments under the Patient Protection and Affordable Care Act (ACA) risk-corridor program (Alliant Health Plans Inc. v. The United States, No. 16-1491, Fed. Clms.).



Action Seeks To Enjoin Improper Offsets, Not Money, Insurer Argues
ST. LOUIS - The government improperly submitted a claim in a bankruptcy while offsetting the same money it claims entitlement to against $130 million in debts it owes under the Patient Protection and Affordable Care Act (ACA), a now-defunct insurance company told the Eighth Circuit U.S. Court of Appeals on Dec. 12 (Nick Gerhart, et al. v. United States Department of Health and Human Services, et al., No. 16-3477, 8th Cir.).



Insurer May Pursue ACA Risk-Corridor Action, Federal Judge Says
WASHINGTON, D.C. - The Patient Protection and Affordable Care Act (ACA)'s risk-corridor program is a money-mandating source of law that requires annual payment, a federal judge held Jan. 10 in denying a motion to dismiss an insurer's action seeking declaratory judgment that the government owes it millions of dollars under the program (Health Republic Insurance Co. v. The United States of America, No. 16-259, Fed. Clms.).



Policyholder Committee Gives Court Its View On Restructuring Plan
HARRISBURG, Pa. - A committee representing policyholders of two insolvent insurers told a Pennsylvania court on Jan. 4 that it does not oppose the rehabilitator's plan to restructure policies but that it has reservations regarding any changes to existing claims administration procedures (In Re: Penn Treaty Network America Insurance Company in Rehabilitation and In re: American Network Insurance Company in Rehabilitation, Nos. 1 PEN 2009 & 1 ANI 2009, Pa. Cmwlth.).



Liquidator Of Insolvent Insurer Asks For Reinsurance Commutation Agreement OK
CONCORD, N.H. - The liquidator of an insolvent insurer asked a New Hampshire court on Dec. 16 to approve a reinsurance commutation agreement that will provide an undisclosed net settlement sum to the liquidation estate (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Insolvent Insurer Makes 100 Percent Distribution To Administrative Claimants
TALLAHASSEE, Fla. - The liquidator of a Florida insurer that was rendered insolvent because of a large number of hurricanes making landfall in the state said it made a nearly $5 million distribution on Jan. 9, paying all of the administrative claims against the liquidation estate (In re Atlantic Preferred Insurance Company, No. 2006-CA-001083, Fla. Cir., 2nd Cir., Leon Co.).



Directors, Officers Policy Does Not Cover FDIC's Claims, Majority Says, Reverses
PASADENA, Calif. - A majority of the Ninth Circuit U.S. Court of Appeals on Jan. 10 found that a directors and officers liability insurance policy unambiguously excludes from coverage the Federal Deposit Insurance Corp.'s negligence, gross negligence and breach of fiduciary duty claims against a failed bank's former directors and officers, reversing and remanding a lower court (Federal Deposit Insurance Corporation, as Receiver for Security Pacific Bank v. BancInsure, Inc., No. 14-56132, 9th Cir.; 2017 U.S. App. LEXIS 452).



Special Deputy Receiver Wants Approval Of Settlement With Accounting Firm
AUSTIN, Texas - The special deputy receiver (SDR) of two insurance companies in liquidation asked a Texas court on Jan. 9 to approve a settlement agreement under which an accounting firm will pay the liquidation estate $975,000 (The State of Texas v. Austin Indemnity Lloyds Insurance Company and Austin Indemnity Management Company LLC, No. D-1-GV-08-2766, Texas, 353rd Dist., Travis Co.).



Assignee Says Lower Court Erred When It Said Statute Of Limitations Expired
CHICAGO - The assignee of certain reinsurance recoverables of an insolvent insurer contends in a Dec. 15 brief to the Seventh Circuit U.S. Court of Appeals that the statute of limitations of a breach of contract claim accrues differently when the reinsured is an insurer in liquidation (Pine Top Receivables of Illinois, LLC v. Banco De Seguros Del Estado, No. 16-3499, 7th Cir.).



Judge OKs Settlement Between Liquidator And Asbestos Personal Injury Trust
CONCORD, N.H. - A New Hampshire judge on Dec. 12 approved a $13 million settlement agreement between the liquidator of an insolvent insurer and an asbestos personal injury trust formed under a bankrupt company's reorganization plan (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Judge Approves Sale Of Insurer In Rehabilitation
CHICAGO - An Illinois judge on Nov. 30 approved the sale of an insolvent insurer's stake in an affiliated Michigan insurer (In the Matter of the Rehabilitation of Affirmative Insurance Company, No. 15 CH 13718, Ill. Cir., Cook Co., Chanc. Div.).



Justice Terminates Liquidation Of Insolvent Insurer
NEW YORK - A New York justice on Dec. 13 ordered the closing and termination of a liquidation proceeding that was begun in 2010 (In the Matter of the Liquidation of Colonial Cooperative Insurance Company, No. 400236/10, N.Y. Super., New York Co.).



Liquidator Asks Court To Set Contingent Claim Update Deadline
SAN FRANCISCO - The liquidator of an insolvent insurer on Oct. 17 asked a California court to set a deadline for claimants to submit updated information regarding unliquidated and contingent claims (Insurance Commissioner of the State of California v. Western Employers Insurance Company, No. CPF-97-984281, Calif. Super., San Francisco Co., Civil Div.).



Liquidator Asks Court Permission To Pay Company For Environmental Damage Claim
CONCORD, N.H. - The liquidator of an insolvent insurer asked a New Hampshire court on Nov. 21 to approve the settlement of claims relating to environmental property damage (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Court Nixes Expedited Briefing In Appeal Of ACA Risk-Corridor Nonpayment Ruling
WASHINGTON, D.C. - A federal court on Nov. 23 declined an insurer in rehabilitation's request for expedited briefing in a case alleging that the United States failed to pay it more than $72 million under the Patient Protection and Affordable Care Act (ACA) risk-corridor program (Land of Lincoln Mutual Health Insurance Co. v. The United States of America, No. 17-1224, Fed. Cir.).



Judge Approves Sale Of Rights To Possible Recoveries From ACA Litigation
CHICAGO - An Illinois judge on Dec. 2 approved an agreement under which a Patient Protection and Affordable Care Act (ACA) insurer in liquidation will sell its rights to a portion of the monies it may recover from the United States in a litigation regarding the United States' failure to make $75 million of ACA risk-corridor payments to the insolvent insurer (People of the State of Illinois, ex rel. Anne Melissa Dowling, Acting Director of Insurance of the State of Illinois v. Land of Lincoln Mutual Health Insurance Company, No. 2016CH09210, Ill. Cir., Cook Co., Chanc. Div.).



Affordable Care Act Insurer Ordered Into Liquidation
HARTFORD, Conn. - A Connecticut judge on Dec. 9 ordered the rehabilitation of a Patient Protection and Affordable Care Act (ACA) insurance provider closed and ordered the insurer into liquidation (Katharine L. Wade, Insurance Commissioner of the State of Connecticut v. HealthyCT, Inc., No. cv16-6072516, Conn. Super., Hartford Dist.).



Government Tells 8th Circuit Court Properly Denied ACA Insurer Injunction
ST. LOUIS - A Patient Protection and Affordable Care Act (ACA) nonprofit insurance company in liquidation can bring suit under the Tucker Act if it believes the government is improperly withholding funds and offsetting debts, the government argues in a Nov. 18 brief asking the Eighth Circuit U.S. Court of Appeals to affirm a judge's denial of injunctive relief (Nick Gerhart, et al. v. United States Department of Health and Human Services, et al., No. 16-3477, 8th Cir.).



Rehabilitator Asks Court To Order ACA Insurer Into Liquidation
TRENTON, N.J. - New Jersey's banking and insurance commissioner on Dec. 15 asked a state court to order an insolvent Patient Protection and Affordable Care Act (ACA) consumer-operated and oriented plan insurer's liquidation (Richard J. Badolato, Commissioner of the Department of Banking and Insurance of New Jersey v. Freelancers Consumer Operated and Oriented Program of New Jersey d/b/a Health Republic Insurance of New Jersey, No. MCR-C-000063-16, N.J. Super., Mercer Co., Chancery Div.).



Judge OKs Reinsurance-Related Settlement Agreement Involving Insolvent Insurer
CHICAGO - An Illinois judge on Dec. 5 approved a settlement agreement between the estate of an insolvent insurer and a reinsurer (In the Matter of the Rehabilitation of Triad Guaranty Insurance Corporation, No. 12-CH-43895, Ill. Cir., Cook Co.).



Judge Approves Reinsurance Commutation Agreement Upon Request Of Liquidator
CONCORD, N.H. - A New Hampshire judge on Dec. 12 approved a reinsurance commutation agreement between a reinsurer and the estate of an insurer in liquidation (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Reinsurer Says It Has No Contractual Relationship With Insolvent Insurer
NEW YORK - A reinsurer told a federal court in New York on Nov. 29 that an insolvent insurer's claims against it are baseless because a different party allegedly assumed its corporate predecessor's obligations under certain reinsurance agreements (Roger A. Sevigny, the Commissioner of Insurance of the State of New Hampshire, as Liquidator of The Home Insurance Company v. Trygvesta Forsikring A/S, as successor in interest to Skandinavia Insurance Company Ltd., No. 16-cv-04874, S.D. N.Y.).



Judge OKs Direct Reinsurance Payment In Insolvent Insurer Liquidation Proceeding
HARRISBURG, Pa. - A Pennsylvania judge on Nov. 22 approved a plan under which a reinsurer would make direct workers' compensation and employers' liability claim payments to an insured of an insolvent insurer (In re: Reliance Insurance Company in Liquidation, No. 1 REL 2001, Pa. Cmwlth.).



Liquidator Wants Approval Of $140M In Allowed Amounts To Guaranty Associations
HARRISBURG, Pa. - The liquidator of an insolvent insurer asked a Pennsylvania court on Dec. 14 to approve the allowance of nearly $140 million in claims from various state insurance guaranty associations (In re: Reliance Insurance Company in Liquidation, No. 1 REL 2001, Pa. Cmwlth.).



Special Deputy Receiver Wants Allegedly Interfering Court Case To Stop
AUSTIN, Texas - The special deputy receiver of a title insurer in liquidation asked a Texas court on Dec. 5 to stop certain third parties from allegedly violating an earlier injunction against the implementation or continuance of actions against the title insurer (The State of Texas v. Millennium Closing Services LLC d/b/a Millennium Title, No. D-1-GN-16-000360, Texas, 53rd Dist., Travis Co.).



Judge Authorizes Liquidator To Enter Agreements With Insurance Guarantors
CHICAGO - An Illinois judge on Oct. 18 approved a plan under which the liquidator of an insolvent Patient Protection and Affordable Care Act marketplace insurer would enter into agreements allowing distribution of assets of the insurer's estate to various states' insurance guaranty associations (People of the State of Illinois, ex rel. Anne Melissa Dowling, Acting Director of Insurance of the State of Illinois v. Land of Lincoln Mutual Health Insurance Company, No. 2016CH09210, Ill. Cir., Cook Co., Chanc. Div.).



Judge: Special Deputy Liquidator May Distribute $4.6M To Guaranty Associations
AUSTIN, Texas - A Texas judge on Oct. 19 authorized the special deputy receiver (SDR) of a Texas insurer in liquidation the authority to distribute $4.6 million of liquidation estate assets to the insurance guaranty associations from 29 states (The State of Texas v. Gramercy Insurance Co., No. D-GV-12-001713, Texas Dist., Travis Co.).



Judge Will Not Order Lift Of Stay Enjoining Litigation Against Insolvent Insurer
AUSTIN, Texas - A Texas judge on Nov. 10 denied a creditor's motion to lift an automatic stay of litigation involving an insolvent insurer in liquidation (The State of Texas v. Millennium Closing Services LLC d/b/a Millennium Title, No. D-1-GN-16-000360, Texas, 53rd Dist., Travis Co.).



Judge Orders End Of Receivership Of Insolvent Insurer
TALLAHASSEE, Fla. - A Florida judge on Oct. 31 ordered the termination of the receivership of an insolvent insurer that had begun in 1992 (In Re: The Receivership of Insurance Company of Florida, No. 1992-CA-005286, Fla. Cir., 2nd Cir., Leon Co.).



Judge Approves 1-Year Extension Of Contingent Claim Deadline
CHICAGO - An Illinois judge on Oct. 31 approved a one-year extension of the date on which claims can be made against a liquidation estate for insureds of an insolvent insurer that can prove that they had claims pending on the date the insurer was placed into liquidation (People of the State of Illinois, ex rel. Andrew Boron, Director of Insurance of the State of Illinois v. Lumbermens Mutual Casualty Co., No. 12-24227, Ill. Cir., Cook Co.).



Judge Approves Settlement Agreement Submitted By Receiver Of Insolvent Insurers
AUSTIN, Texas - A Texas judge on Oct. 19 approved a settlement agreement between certain parties and the estate of two insolvent insurers, thus following the recommendation of a court-appointed master (The State of Texas v. Austin Indemnity Lloyds Insurance Company and Austin Indemnity Management Company LLC, No. D-1-GV-08-2766, Texas, 353rd Dist., Travis Co.).



Florida Judge Orders Closure Of Liquidation Proceedings
TALLAHASSEE, Fla. - A Florida judge on Nov. 2 granted the motion of the receiver of an insolvent insurer in liquidation to terminate the liquidation proceeding and transfer nearly $3 million in unclaimed funds to states' unclaimed property departments (In RE: The Receivership of MD Medicare Choice, Inc., a Florida Health Maintenance Organization, No. 2008-CA-3191, Fla. Cir., 2nd Cir., Leon Co.).



Justice Asks For Input On Proposed Closure Of Liquidation Proceeding
NEW YORK - A New York justice on Nov. 14 asked that all interested parties offer input regarding whether the justice should issue an order terminating a six-year-old liquidation of an insolvent insurer (In the Matter of the Liquidation of Long Island Insurance Company, No. 400106/11, N.Y. Super., New York Co.).



Judge Allows Liquidator To Pay Claim For Unearned Premium
CHICAGO - An Illinois judge on Nov. 1 approved the request of the liquidator of an insolvent insurer to be allowed to pay a portion of a timely filed claim for unearned premium (In the matter of the liquidation of Legion Indemnity Co., No. 02 CH 06695, Ill. Cir., Cook Co., Chanc. Div.).



Judge Orders Termination Of Liquidation Proceeding
TALLAHASSEE, Fla. - A Florida judge on Nov. 4 ordered the closing of a liquidation proceeding that had originally opened in 2000 (In re: The Receivership of Caduceus Self Insurance Fund, Inc., No. 2000-CA-000004, Fla. Cir., 2nd Cir., Leon Co.).



Insurers Say Settlement Between Liquidator And Insured Has No Effect On Them
CONCORD, N.H. - Two insurers told a New Hampshire court on Nov. 1 that the proposed settlement between the liquidator of an insolvent insurer and a shared insured does not change anything regarding the insurers' relationship with their insured or the insolvent insurer (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Vermont Judge Orders Rehabilitation Of Risk Retention Group
MONTPELIER, Vt. - A Vermont judge on Oct. 7 ordered a risk retention group into rehabilitation and appointed the state's financial regulation commissioner as rehabilitator (Commissioner of the Department of Financial Regulation v. Doctors and Surgeons National Risk Retention Group IC, Inc., No. 559-9-16, Vt. Super., Washington Co.).



Affordable Care Act Insurer Put Into Rehabilitation
HARTFORD, Conn. - A Connecticut judge on Nov. 1 ordered a Patient Protection and Affordable Care Act (ACA) insurance provider into rehabilitation, noting that the insurer's board had consented to the order (Katharine L. Wade, Insurance Commissioner of the State of Connecticut v. HealthyCT, Inc., No. cv16-6072516, Conn. Super., Hartford Dist.).



Liquidator Asks For OK To Have Reinsurer Make Direct Payments To Insured
HARRISBURG, Pa. - The liquidator of an insolvent insurer asked a Pennsylvania court on Nov. 3 to approve a plan by which a reinsurer will make direct payments of workers' compensation and employers' liability claims to an insured, thus relieving the insolvent insurer of its obligations to the insured (In re: Reliance Insurance Company in Liquidation, No. 1 REL 2001, Pa. Cmwlth.).



Liquidator Asks Court To Approve Settlement Of Asbestos Claims
CONCORD, N.H. - The liquidator of an insolvent insurer asked a New Hampshire court on Nov. 21 to approve a $13.8 million settlement agreement with a bankrupt company's asbestos personal injury trust (In the Matter of the Liquidation of The Home Insurance Company, No. 03-E-0106, N.H. Sup., Merrimack Co.).



Panel: Lower Court Abused Discretion By Dismissing Claims Over Discovery Issues
AUSTIN, Texas - The Third District Texas Court of Appeals on Oct. 13 reversed and remanded a lower court decision dismissing the claims of a woman who was involved in an auto accident against a woman insured by an insolvent insurer, finding that the lower court had abused its discretion by dismissing the claims based on a discovery noncompliance (Crystal Bingham Hernandez v. Tiffany Polley, No. 03-15-00384-CV, Texas App., 3rd Dist.; 2016 Tex. App. LEXIS 11116).