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U.S. court can refuse to aid the enforcement of that law, it may not impose U.S. law in its stead. In any event, alteration of contractual rights not only is not anathema to U.S. bankruptcy law it is a component of such law. For example, contracted for provisions requiring consent of the non‐debtor party before the contract may be assumed and assigned are voided by U.S. Bankruptcy Code section 365(f) as unlawful anti‐alienation provisions. Other subsections of section 365 prohibit the non‐debtor party to the contract from refusing to perform or from terminating the contract upon the debtor’s breach thereof notwithstanding contractual provisions providing such rights. Moreover, the alteration of value of recoveries scheme objectors complain of regularly is affirmed under the U.S. Bankruptcy Code even over the objection of rejecting creditors where the requisite number and value of claims vote to approve a plan of reorganization providing for such altered recovery. e. UK Court Sanction of Solvent Schemes Does Not Preclude U.S. Bankruptcy Court Consideration of Objections POINT: UK court sanction of solvent schemes does not preclude U.S. bankruptcy court consideration of objections. COUNTERPOINT: This contention has been raised and rejected by the Bankruptcy Court for the Southern District of New York in the jointly administered Chapter 15 cases respecting the run‐off schemes of participants in the “WFUM pool” ~ In re Greyfriars et al, Chapter 15 Case Nos. 07‐12934‐43 (Bankr. S.D.N.Y. filed September 18, 2007). At bottom, the U.S. bankruptcy court is not permitted to relitigate objections which have been or could have been raised by the objectors in the non‐U.S. proceeding. See In re Bd of Directors of Telecom Argentina, S.A., 2006 WL 3378687 (S.D.N.Y. 2006), aff’d, 528 F.3d 162 (2d Cir. 2008)(res judicata applies re recognition of foreign proceedings). Nor is the U.S. court empowered to grant relief within the Chapter 15 proceeding which should have been sought and could have been granted in the non‐U.S. proceeding under the law of that jurisdiction. See In re Condor Insurance Limited, 2008 WL 2858943 (Bankr. S.D. Miss. July 17, 2008), aff’d, 2009 WL 321627 (S.D. Miss. Feb. 9, 2009).
5. Chapter 15 ~ Official Text 1501. Purpose and scope of application. SUBCHAPTER I ‐ GENERAL PROVISIONS 1502. Definitions. 1503. International obligations of the United States. 1504. Commencement of ancillary case. 1505. Authorization to act in a foreign country. 1506. Public policy exception. 1507. Additional assistance. 1508. Interpretation. SUBCHAPTER II ‐ ACCESS OF FOREIGN REPRESENTATIVES AND CREDITORS TO THE COURT 1509. Right of direct access. 1510. Limited jurisdiction. 1511. Commencement of case under section 301 or 303. 1512. Participation of a foreign representative in a case under this title 1513. Access of foreign creditors to a case under this title 1514. Notification to foreign creditors concerning a case under this title SUBCHAPTER III ‐ RECOGNITION OF A FOREIGN PROCEEDING AND RELIEF 1515. Application for recognition. 1516. Presumptions concerning recognition. 1517. Order granting recognition. 1518. Subsequent information. 1519. Relief that may be granted upon filing petition for recognition 1520. Effects of recognition of a foreign main proceeding. 1521. Relief that may be granted upon recognition. 1522. Protection of creditors and other interested persons. 1523. Actions to avoid acts detrimental to creditors. 1524. Intervention by a foreign representative. SUBCHAPTER IV ‐ COOPERATION WITH FOREIGN COURTS AND FOREIGN REPRESENTATIVES 1525. Cooperation and direct communication between the court and foreign courts or foreign representatives. 1526. Cooperation and direct communication between the trustee and foreign courts or foreign representatives. 1527. Forms of cooperation. SUBCHAPTER V ‐ CONCURRENT PROCEEDINGS 1528. Commencement of a case under this title after recognition of a foreign main proceeding. 1529. Coordination of a case under this title and a foreign proceeding 1530. Coordination of more than 1 foreign proceeding. 1531. Presumption of insolvency based on recognition of a foreign main proceeding 1532. Rule of payment in concurrent proceedings.
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REFERENCE HANDBOOK ON INSURANCE COM
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Contributing Editors Cross‐Border
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Formal Proceedings ‐ Constitution
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Priorities ‐ Interstate Claimants
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Part III PART IV APPENDIX D. Bermud
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Rhode Island Statutes TITLE 27 Insu
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(17) "Policyholder" means an insure
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(3) All creditors, assumption polic
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(2) If, at any time, the conditions
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Run‐Off New York Seaton Ins. Co.
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as writs of seizure, were necessary
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Igel v. Phillips, 183 A.D. 220, 169
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wind up its affairs, even if the no
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insolvency, including the issue of
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over action would: (i) defeat domic
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the Commissioner of Insurance on be
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Sixth Circuit AmSouth Bank v. Dale,
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action did not automatically preclu
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proceedings. The New York insurance
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independent receivership proceeding
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Connecticut Florida Grasso v. City
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instance, because the regulation of
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company filed a motion for declarat
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Commissioner of Ins. v. Mid‐Ameri
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district court had exclusive jurisd
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SEC v. Republic National Life Ins.
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legislature granted exclusive juris
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Rejecting the liquidator's motion,
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time as an administrative claim had
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mandate application of Florida's in
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This simple declarative sentence pr
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its earlier holding [Bonura v. Unit
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In re Application for an Order Stay
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to prosecution of claims against hi
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were closely intertwined, the entir
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South Carolina Texas New South Life
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the insurance code. The trial court
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within the meaning of the insurance
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was overbroad in delaying indefinit
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financial institutions to transfer
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entities were in fact a "single bus
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the company in that other state to
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easoning that: 1) its earlier findi
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McConnell v. All‐Coverage Insuran
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company. The court also found that
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impermissible because they were not
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contrary appellate court judgment,
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exhaust the pro rata shares of solv
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asserted a priority despite the fac
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The question presented was whether
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Cir. 2000). The Ninth Circuit adopt
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entity with those conferred or with
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Pennsylvania court had exclusive ju
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liquidator argued that Ohio’s sta
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Vermont Costle v. Fremont Indemnity
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(“Munich”) and NAC Reinsurance
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Pine Top Ins. Co. v. Continental Re
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incapable of being performed," foun
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completion of the plan of arbitrati
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the policy make specific provision
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the catastrophe policy prevents “
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sought only money damages. 3 Hence,
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Commissioner has reasonable grounds
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policyholders were brought against
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a supervision‐release order for a
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secure a court‐ordered receiversh
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no liability exists for any acts ta
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stay of any proceeding in which an
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Fields v. Fidelity General Ins. Co.
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Illinois insurance code is vested i
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Michigan Daniel v. Citizens' Mutual
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appointment of a receiver to wind u
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independent actuarial firm, and all
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owned by one corporation, proposed
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den'd, 126 N.J. 389 (1991). The cou
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constitutional the statute under wh
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The circuit judge's denial of plain
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duplication provision of the PPCIGA
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New York National Union Fire Ins. C
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insurance companies pursuant to sta
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Matter of Morgan, 277 N.Y. 203, 14
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Alabama Arizona California Moody v.
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Schenek v. Citizens Casualty Co., 6
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disclosed in its annual statement.
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insurance company, the court held t
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Pennsylvania's interest in investig
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Pennsylvania Commonwealth ex rel. C
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non‐mandatory preference for the
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Powers and Duties of the Rehabilita
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the insolvency clause of a reinsura
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Financial Indemnity Company v. Supe
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ecause they had constructive notice
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Illinois law does not provide the D
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claimed. Although the code allows t
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040(3)(a) or 304‐33.190(2). Rathe
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to the state's unemployment compens
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State ex rel. ISC Financial Corp. v
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authorizing the Liquidator to prope
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implement the statutory liquidation
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that trust claimants will recover a
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showing that the rehabilitator’s
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insurer, sued former owner of insur
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Brainard v. Foster, Civil Action No
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Flowers v. Tennessee Trucking Ass
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the insurer under Texas law; and th
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state court against B.C. Rogers, an
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People ex rel. Baylor v. Multi‐St
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equiring the insurer to produce doc
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failed to demonstrate to the contra
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intervention. It is not an abuse of
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eview the actions of the insurance
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not reported losses (IBNR). The Sup
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Commonwealth tort claims against th
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Liquidation Act. On a petition for
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defendant to bring the action to th
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Main Ins. Co. v. Bradford, Williams
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proceedings against an insolvent Ne
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Matter of Title, Etc., Co. of Buffa
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the R.C. 3955.19 stay provision as
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Casualty Insurance Guaranty Associa
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property without a hearing. The Cou
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consent of the liquidators, the bro
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ecording of an order of liquidation
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Florida Imagine Ins. Co. v. State o
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executory contracts, and the insure
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procured new policies in a solvent
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Safeway liable for the entire amoun
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even lower interest rate than that
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North Carolina Texas North Carolina
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an individual and official capacity
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enterprise with United States Gener
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were not ultra vires acts. There we
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authorized by state law to petition
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Stamp v. Touche Ross & Co., 263 Ill
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control, or possession of the insur
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offers to compromise because severa
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insolvent insurer brought an action
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"interested parties" in a proceedin
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Assets of the Insolvent Insurer's E
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Garamendi v. SDI Vendome, No. CV 02
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for personal injury claim brought a
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transacting any insurance business
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Bent v. Hart, 10 Mo. App. 143 (1881
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discretion allowed policyholders to
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In re New State Life Ins. Co., 23 P
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ecover a subscription fund executed
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Pursuant to D.C. Code Ann. § 35‐
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ecause all the directors of the dis
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agree on whether Kentucky statutory
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W. J. Jones & Son v. Independence I
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precluding liquidator's avoidance o
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association's directors for monies
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a Transit insured. Fifteen months l
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court granted the motion. On appeal
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unearned portion of the premium was
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the insolvent Mission Insurance Com
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Drake v. Rollo, 7 Fed. Cas. Pg. 105
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judge to act as presiding judge ove
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$25,000 compromise would be paid to
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express purpose is to avoid financi
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einsurance contract against moneys
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provision and therefore its ruling
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complaint, the defendants would not
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as an offset against the insolvent
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Swiss Re made payments to Protectiv
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directors were not included in that
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purported rescission by the company
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members. The court further held tha
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instituting of the receivership pro
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would prevent a multiplicity of act
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assessments against members of a do
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Richards v. Hale, 14 O.C.D. 468, 1
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Wetmore v. Scalf, 85 S.C. 285, 67 S
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mutual insurance company because Wi
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out liquidation assessment powers i
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their insurer became insolvent. Any
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insolvent carrier, sought to interp
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The Home Insurance Co. v. Hooper, 2
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coverage. The court held that cover
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insurance, and that Mission was not
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contract. Further, as the parties t
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agreement. The Colorado receiver cl
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preliquidation assets that could be
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agreements with Legion Insurance Co
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prediction, and was neither arbitra
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Guaranty Association (“PPCIGA”)
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contrary holding would permit these
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People ex rel. Bolton v. Progressiv
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where the solvency of the company,
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agent of all premiums collected by
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subsequent to institution of delinq
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corporate mismanagement and account
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Mendel v. Garner, 283 Ark. 473, 678
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The lower court denied the claim be
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definition, a “covered claim,”
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Missouri MSEJ, LLC, v. Transit Cas.
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medical malpractice action, which i
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Suit was transferred to the court o
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within policy limits. The insolvent
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alleged negligence of an insured of
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Arkansas Colorado Florida Baldwin
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liquidator was entitled to rely upo
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Ohio Covington v. Ind. Dep’t of N
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River abstention doctrines did not
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directly against manufacturer. The
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insurance commissioner entered into
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un ten months and twenty‐six days
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policies were delivered, the state
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Accordingly, the manufacturer sough
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Sizemore v. United Physicians Ins.
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insolvency. The court found for pla
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equires all claims against the rece
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cancelled by order of the court, th
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Dewey v. Davis, 82 Wis. 500, N.W. 7
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April 18, the filing of the Missour
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Texas Buckner v. Lloyd's Ins. Co. o
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payment by the California Insurance
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the tortfeasors to recover its paym
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Ga. App. 660, 440 S.E.2d 254 (1994)
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Act. The Court also noted that whet
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opportunity to settle.” The court
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jurisdictions that did find associa
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Ohio Lake Hospital System, Inc. v.
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award. It became insolvent, however
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Rhulen advanced claim payments to T
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entitled to coverage from the Illin
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the negligence claim, brought by th
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insurer did not thereby release fro
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when contingent claims must necessa
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In Matter of Liquidation Of Integri
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from the time damages are certain o
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In re N.Y. Surety Co., 723 N.Y.S.2d
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Governmental/Superpriority Claims S
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Reliance Ins. Co. v. Shriver, Inc.,
Page 631 and 632:
Georgia Boyd v. Wright, 148 Ga. 216
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policyholders, judgment creditors o
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when it appears that such funds or
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within the insurance statutes. Cred
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Priorities ‐ Federal U.S. Supreme
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statute was preempted by the federa
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instituting or taking further actio
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Florida Dilme v. SBP Serv., Inc. an
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Massachusetts Commissioner of Insur
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New York Finkelstein v. Van Schaick
Page 651 and 652:
Texas Op. Att'y. Gen. WW‐795 (Tex
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Illinois People ex rel. Potts v. Co
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Arizona Colorado State ex rel. Low
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equirements had not been complied w
Page 659 and 660:
Michigan Commissioner of Insurance
Page 661 and 662: commissioner certain securities for
Page 663 and 664: State ex rel. Cincinnati Life Assn'
Page 665 and 666: and without assets in trust in Flor
Page 667 and 668: State ex rel. Burgess v. Crabbe, 11
Page 669 and 670: jurisdiction over the attorneys in
Page 671 and 672: Pennsylvania Lewycka v. Springfield
Page 673 and 674: meaning, held that the Indiana clai
Page 675 and 676: Rose v. Fid. Mut'l Life Ins. Co., 2
Page 677 and 678: uniform law or that it was necessar
Page 679 and 680: of incorporation of a mutual insure
Page 681 and 682: jurisdiction over that litigation f
Page 683 and 684: ehabilitation in Indiana and had ob
Page 685 and 686: Krueger v. Tabor, 546 So.2d 1317 (L
Page 687 and 688: and, because of the guarantees, for
Page 689 and 690: Rhode Island injunction by arguing
Page 691 and 692: In prior proceedings in this case,
Page 693 and 694: state law issues and was contingent
Page 695 and 696: Bryant v. Shields, Britton & Fraser
Page 697 and 698: against the Wisconsin Insurance Sec
Page 699 and 700: PART II Cross‐Border Run‐Offs a
Page 701 and 702: CASE(S) Highland Insurance Company
Page 703 and 704: CASE(S) Hatteras Reinsurance Ltd NR
Page 705 and 706: • The Court in which the Chapter
Page 707 and 708: As previously noted, of the sevente
Page 709 and 710: WFUM Pool Solvent Schemes ~ In re G
Page 711: arrangement, including solvent run
Page 715 and 716: (d) §1502. Definitions. (2) an ind
Page 717 and 718: (c) (d) A request for comity or coo
Page 719 and 720: (a) (b) If the decision or certific
Page 721 and 722: §1521. Relief that may be granted
Page 723 and 724: (4) approval or implementation of a
Page 725 and 726: B. United Kingdom ‐‐ The Positi
Page 727 and 728: 1. majority votes in favour of the
Page 729 and 730: eported claims, was not of great im
Page 731 and 732: and Jersey. The English schemes wou
Page 733 and 734: Life Assurance Limited (FPLLA) both
Page 735 and 736: MB Group Plc, Re (1989) 5 B.C.C. 68
Page 737 and 738: issued a third circular which state
Page 739 and 740: court had jurisdiction to sanction
Page 741 and 742: The Judge (Roger Kaye Q.C.) allowed
Page 743 and 744: the agreement would not be avoided
Page 745 and 746: submitted that cover had been provi
Page 747 and 748: liquidators and in the English bank
Page 749 and 750: court did not strike out the petiti
Page 751 and 752: Stein so that he could pursue it. B
Page 753 and 754: Part III of the Winding‐up and Re
Page 755 and 756: v. Proceedings in Canada to Assist
Page 757 and 758: D. Bermuda ‐‐ The Bermuda Persp
Page 759: Hong Kong Court to restructure the
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Excluded Lines - Ocean Marine Louis
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Covered Claim - Unearned Premium co
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Oregon Corvallis Aero Service, Inc.
Page 797 and 798:
purposes of joint and several liabi
Page 799 and 800:
Affiliated FM Ins. Co. v. State, 33
Page 801 and 802:
Heninger v. Riley, 317 Pa. Super. 5
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assumed the obligations of Dr. Lucc
Page 805 and 806:
Florida Hawaii Fernandez v. Florida
Page 859 and 860:
Case Law Digest Supplement LIFE & H
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Texas Messagephone, Inc., et al v.
Page 863 and 864:
were invested in four group annuity
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Alaska Arizona Illinois Unisys Corp
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Minnesota Honeywell, Inc. v. Minnes
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plan participants rather than the G
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esponsible for attorneys’ fees an
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Alaska Arizona Indiana Unisys Corp.
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Federal Jurisdiction - Preemption c
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Supreme Court California New York U
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Assessments Assessments - In Genera
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the sales transaction is not uncons
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State Department of Insurance Insur
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Kentucky State Department of Insura
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New Jersey New Mexico State Departm
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Virginia Washington State Departmen
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© 2009 National Association of Ins
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CO Marcy Morrison Commissioner (Wes
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KS Sandy Praeger Commissioner NAIC
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NH Roger A. Sevigny Commissioner NA
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TN Leslie A. Newman Commissioner (V
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NAIC OFFICES NAIC Central Office: 2
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GUARANTY FUND DIRECTORY Updated 02/
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nolhga.com :: state ga contact info
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