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Missouri
MSEJ, LLC, v. Transit Cas. Co., 2008 WL 2572664 (Mo. Ct. App. 2008 ). An
assignee of a insured’s claims against insolvent insurer filed additional claims
with insurer’s receiver. The receiver rejected these claims on the grounds that
the assignee did not provide sufficient evidence to support them. The circuit
court overseeing the receivership appointed a referee who affirmed the
receiver’s denial of these additional claims because the deadline for submitting
claims had expired and the assignee was barred from presenting additional
evidence to support these claims. On appeal, the Court of Appeal of Missouri
determined that under the rules the circuit court had adopted to oversee the
receivership, the assignee had a right to produce supplemental evidence to the
referee when the referee reviewed the receiver’s denial of the assignee’s
claims. Thus, the referee was allowed to consider supplemental information
because the assignee had met its deadline to submit claims to the receiver. The
court further held that the assignee was not estopped from submitting
additional claims.
New Jersey Fred L. Emmons, Inc. v. Union Indemnity Co., 121 N.J. Eq. 267, 189 A. 630 (1937).
A party which takes from an insurance company on assignment of a debt
owing to the company does not have a claim against the insurance company
which must be filed with the receiver by the date barring further claims if the
company becomes insolvent. The debt is no longer an asset of the company
and if it is later paid to the receiver, such payment is made under a mistake of
fact.
New York B.D. Cooke & Partners Ltd. v. Nationwide Mut'l Ins. Co., 791 N.Y.S.2d 103
(App. Div. 2005). The court held that the judicially approved petition to close
liquidation of the reinsurer and the liquidator’s assignment to the plaintiff of
the right to collect reinsurance receivables owed to the insolvent reinsurer
unambiguously provided that the plaintiff’s claim survived closing of the
estate, but affirmative defenses alleging offset did not survive the
liquidation proceeding or encumber the plaintiff’s assignment.
Gentile v. Fid. Mut'l Life Ins. Co., No. 1995‐5209, 2007 WL 686505 (N.Y. Sup.
2007). The court upheld disclaimers of coverage under a life insurance policy
where, among other things, the life insurer had been placed into rehabilitation
and the policy beneficiary failed to file a proof of claim for denial of death
benefits within the date set by the rehabilitator.
In re Bond & Mortgage Guarantee Co., 271 N.Y. 452, 3 N.E.2d 591 (1936). In the
rehabilitation proceedings of a mortgage guaranty company, a claim for actual
loss on a liquidated claim can be made when it becomes due.
In re Concord Casualty & Surety Co., 171 Misc. 893, 14 N.Y.S.2d 94 (1937). A
claimant who filed a claim after the deadline had no standing in the
proceedings.
In re Lawyers Title & Guaranty Co., 162 Misc. 188, 294 N.Y.S. 381 (1937). Trust
claims against a title company which could be traced to specific property or
into mingled company assets were not subject to the filing requirements
imposed by the insurance code even though the insolvent company
improperly paid itself from funds owned by holders of mortgages and
mortgage certificates.
In Re the Drexel Burnham Lambert Group, Inc., et al. Debtors. Florida
Department of Insurance, as Receiver of the Estate of Guaranty Security Life
Insurance Company v. The Drexel Burnham Lambert Group Inc., et al., 148
B.R. 1002 (S.D.N.Y. 1993). The Florida Department of Insurance, as Receiver
of the insolvent Guaranty Insurance Company, moved to extend the bar date
for filing a claim in the Chapter 11 bankruptcy of Drexel Burnham Lambert