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Headline Insurance Insolvency Legal News from LexisNexis®

• Self-Insurer's Claims To Guarantor Are Covered, Panel Says
  SHREVEPORT, La. - On Dec. 3, a Louisiana appeals panel affirmed a lower court decision that a self-insured fund's claims, after its excess insurer became insolvent, to a state insurance guaranty association are covered claims under Louisiana state law; the guaranty association had denied the claims on its finding that the excess insurance was reinsurance, which it does not cover (Louisiana Safety Association of Timbermen - Self Insurers Fund v. Louisiana Insurance Guaranty Association, No. 43,615-CA, La. App., 2nd Cir.; 2008 La. App. LEXIS 1569). Full story on lexis.com
• Utah High Court Rules UPCIGA Is Liable For Multiple Claims, No Offset
  SALT LAKE CITY - The Utah Supreme Court on Nov. 21 held liable an insurance guaranty association for multiple claims under liability and excess policies and ruled that it is not entitled to an offset of that amount from claimants' recovery of insurance coverage from their primary insurers (R&R Industrial Park, et al. v. The Utah Property and Casualty Insurance Guaranty Association, Nos. 20070107, 20070100 and 20070131, Utah Sup.; 2008 Utah LEXIS 164). Full story on lexis.com
• Justice: Insurer Owes No Indemnity To Liquidated Carrier's Policyholder
  TORONTO - Because a contractor's insurance provided coverage to a liquidated carrier's insured only for liability arising from an act or omission of the contractor and not for any independent acts of negligence, an Ontario justice on Nov. 5 rejected the liquidated insurer's claims for reimbursement of costs in an underlying suit (Her Majesty the Queen in right of the Province of Ontario as represented by the Minister of Transportation for the Province of Ontario and Kansa General International Co. Ltd. in liquidation v. Canadian Surety Co. and Miller Thomson LLP, No. 04-CV-278676, Ontario Super.). Full story on lexis.com
• Appeals Panel Dismisses Complaint Against Surety For Reimbursement
  ROCHESTER, NY - A claimant who was awarded a $1.3 million judgment against an insured and an insolvent insurer failed to state a cause of action against a surety, which issued a bond to the insolvent insurer, a New York appeals panel held Nov. 14, dismissing the complaint (Allyson Gillies v. National Fire Insurance Company of Hartford, No. 08-00733, N.Y. Sup., App. Div., 4th Dept.; 2008 N.Y. App. Div. LEXIS 8490). Full story on lexis.com
• Reliance Liquidator, Auditing Firm Settle Claims For $40M
  HARRISBURG, Pa. - Pennsylvania Insurance Commissioner Joel Ario reached a $40 million settlement with Deloitte & Touche LLP on Nov. 24 in connection with the accounting firm's alleged failure in its auditing services to the insolvent Reliance Insurance Co. (Joel S. Ario, insurance commissioner of Pennsylvania as liquidator of Reliance Insurance Co. v. Deloitte & Touche LLP and Jan A. Lommele, No. 734 M.D. 2002, Pa. Cmwlth.; See June 2008, Page 6). Full story on lexis.com
• Judge Accepts $13M Settlement Between Liquidator, Reinsurer
  HARRISBURG, Pa. - The trial judge in the liquidation proceeding of Reliance Insurance Co. on Nov. 25 approved a $13 million settlement agreement between the liquidator and General Security National Insurance Co., formerly known as Sorema North America Reinsurance Co. (Joel S. Ario, insurance commissioner of Pennsylvania as liquidator of Reliance Insurance Co. v. Reliance Insurance Co., No. 269 M.D. 2001, Pa. Cmwlth.; See January 2008, Page 10). Full story on lexis.com
• Claimant Seeks To Compel $2.5M Settlement Against Guaranty Association
  FORT PIERCE, Fla. - A claimant moved Nov. 25 to compel an insurer and an insurance guaranty association to comply with a $2.5 million settlement agreement (Harold O. Conner v. Pennsylvania National Mutual Casualty Insurance Co. and New Jersey Property Liability Insurance Guaranty Association, No. 07-14301, S.D. Fla.; See May 2008, Page 13). Full story on lexis.com
• Justice Waives Certain Publicity Requirements For Runoff Reinsurer
  LONDON - An English justice on Dec. 3 waived certain publicity requirements associated with transfers of insurance business by Equitas Ltd. under Part VII of the Financial Services and Markets Act 2000 (In the matter of the Names at Lloyd's for the 1992 and prior years of account, represented by Equitas Ltd. and in the matter of Speyford Ltd. and in the matter of Part VII of the Financial Services and Markets Act 2000, No. 2008 EWHC 2960, England High, Chancery Div., Companies). Full story on lexis.com
• England And Wales High Court Issues Landmark Ruling On 'Trigger Issue'
  LONDON - An England and Wales High Court justice ruled Nov. 21 that insurers are liable to pay compensation to claimants who developed mesothelioma as a result of asbestos exposure in the workplace if they insured the employer when the exposure occurred (Employers' Liability Policy "Trigger" Litigation, No. [2008] EWHC 2692, England and Wales High, QBD).