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6. Chapter 15 ~ Official Text B. United Kingdom – The Position in the UK 1. Introduction 2. Insolvency 3. Non EU Cross‐Border 4. Schemes of Arrangement 5. Case Law Digest a. Schemes of Arrangement b. Insolvency C. Canada – Canadian Insurance Regulation 1. Canada – Insurance Regulation 2. Canada – Insurance Insolvency 3. Special Provisions for Winding‐up of Canadian Insurance Companies with Non‐Canadian Branches 4. Case Law Digest a. Cross‐Border Aspects of the Liquidation of Canadian Insurance Companies and Canadian Branches of Foreign Insurance Companies i. Jurisdiction of the Canadian Court ii. iii. iv. The Canadian Stay of Proceedings Set‐Off Distribution of Assets v. Proceedings in Canada to Assist Non‐Canadian Insolvency Officers Where there is No Canadian Branch b. Solvent Schemes of Arrangement – Canada 5
Part III PART IV APPENDIX D. Bermuda – The Bermuda Perspective 1. Chapter 15 2. Parallel Proceedings 3. Recognition of Foreign Proceedings in respect of a Bermudian Company 4. Liquidation of Alien Insurers 5. Ancillary Proceedings Property and Casualty Guaranty Funds A. The National Association of Insurance Commissioners’ Post‐Assessment Property and Liability Insurance Guaranty Association Model Act, Table of Enacting States and Case Law Digest B. Case Law Digest Supplement Life and Health Guaranty Funds A. The National Association of Insurance Commissioners’ Life and Health Insurance Guaranty Association Model Act, Table of Enacting States and Case Law Digest B. Case Law Digest Supplement A. Directory of State Insurance Department, Statutory and Regulatory Web Sites B. NAIC List of Members C. NCIGF Property and Casualty Guaranty Fund Directory D. NOLHGA State Life and Health Guaranty Association Contact Information 6
Page 1 and 2: REFERENCE HANDBOOK ON INSURANCE COM
Page 3 and 4: Contributing Editors Cross‐Border
Page 5 and 6: Formal Proceedings ‐ Constitution
Page 7: Priorities ‐ Interstate Claimants
Page 172 and 173:
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
Page 180 and 181:
Run‐Off New York Seaton Ins. Co.
Page 182 and 183:
as writs of seizure, were necessary
Page 184 and 185:
Igel v. Phillips, 183 A.D. 220, 169
Page 186 and 187:
wind up its affairs, even if the no
Page 188 and 189:
insolvency, including the issue of
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over action would: (i) defeat domic
Page 192 and 193:
the Commissioner of Insurance on be
Page 194 and 195:
Sixth Circuit AmSouth Bank v. Dale,
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action did not automatically preclu
Page 198 and 199:
proceedings. The New York insurance
Page 200 and 201:
independent receivership proceeding
Page 202 and 203:
Connecticut Florida Grasso v. City
Page 204 and 205:
instance, because the regulation of
Page 206 and 207:
company filed a motion for declarat
Page 208 and 209:
Commissioner of Ins. v. Mid‐Ameri
Page 210 and 211:
district court had exclusive jurisd
Page 212 and 213:
SEC v. Republic National Life Ins.
Page 214 and 215:
legislature granted exclusive juris
Page 216 and 217:
Rejecting the liquidator's motion,
Page 218 and 219:
time as an administrative claim had
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mandate application of Florida's in
Page 222 and 223:
This simple declarative sentence pr
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its earlier holding [Bonura v. Unit
Page 226 and 227:
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
Page 232 and 233:
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
Page 238 and 239:
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
Page 246 and 247:
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
Page 252 and 253:
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
Page 276 and 277:
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
Page 295 and 296:
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
Page 323 and 324:
Matter of Morgan, 277 N.Y. 203, 14
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Alabama Arizona California Moody v.
Page 327 and 328:
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
Page 503 and 504:
assessments against members of a do
Page 505 and 506:
Richards v. Hale, 14 O.C.D. 468, 1
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Wetmore v. Scalf, 85 S.C. 285, 67 S
Page 509 and 510:
mutual insurance company because Wi
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out liquidation assessment powers i
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their insurer became insolvent. Any
Page 515 and 516:
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
Page 543 and 544:
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.
Page 555 and 556:
medical malpractice action, which i
Page 557 and 558:
Suit was transferred to the court o
Page 559 and 560:
within policy limits. The insolvent
Page 561 and 562:
alleged negligence of an insured of
Page 563 and 564:
Arkansas Colorado Florida Baldwin
Page 565 and 566:
liquidator was entitled to rely upo
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Ohio Covington v. Ind. Dep’t of N
Page 569 and 570:
River abstention doctrines did not
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directly against manufacturer. The
Page 573 and 574:
insurance commissioner entered into
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un ten months and twenty‐six days
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policies were delivered, the state
Page 579 and 580:
Accordingly, the manufacturer sough
Page 581 and 582:
Sizemore v. United Physicians Ins.
Page 583 and 584:
insolvency. The court found for pla
Page 585 and 586:
equires all claims against the rece
Page 587 and 588:
cancelled by order of the court, th
Page 589 and 590:
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
Page 597 and 598:
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
Page 607 and 608:
Ohio Lake Hospital System, Inc. v.
Page 609 and 610:
award. It became insolvent, however
Page 611 and 612:
Rhulen advanced claim payments to T
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entitled to coverage from the Illin
Page 615 and 616:
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
Page 625 and 626:
In re N.Y. Surety Co., 723 N.Y.S.2d
Page 627 and 628:
Governmental/Superpriority Claims S
Page 629 and 630:
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
Page 635 and 636:
when it appears that such funds or
Page 637 and 638:
within the insurance statutes. Cred
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Priorities ‐ Federal U.S. Supreme
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statute was preempted by the federa
Page 643 and 644:
instituting or taking further actio
Page 645 and 646:
Florida Dilme v. SBP Serv., Inc. an
Page 647 and 648:
Massachusetts Commissioner of Insur
Page 649 and 650:
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
Page 655 and 656:
Arizona Colorado State ex rel. Low
Page 657 and 658:
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
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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,
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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
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CASE(S) Highland Insurance Company
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CASE(S) Hatteras Reinsurance Ltd NR
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• The Court in which the Chapter
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As previously noted, of the sevente
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WFUM Pool Solvent Schemes ~ In re G
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arrangement, including solvent run
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5. Chapter 15 ~ Official Text 1501.
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(d) §1502. Definitions. (2) an ind
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(c) (d) A request for comity or coo
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(a) (b) If the decision or certific
Page 721 and 722:
§1521. Relief that may be granted
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(4) approval or implementation of a
Page 725 and 726:
B. United Kingdom ‐‐ The Positi
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1. majority votes in favour of the
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eported claims, was not of great im
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and Jersey. The English schemes wou
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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
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court had jurisdiction to sanction
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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.
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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
Page 871 and 872:
esponsible for attorneys’ fees an
Page 873 and 874:
Alaska Arizona Indiana Unisys Corp.
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Federal Jurisdiction - Preemption c
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Supreme Court California New York U
Page 879 and 880:
Assessments Assessments - In Genera
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the sales transaction is not uncons
Page 883 and 884:
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
Page 897 and 898:
NH Roger A. Sevigny Commissioner NA
Page 899 and 900:
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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