NJ Laws Apply In Claims Against Insurers In Liquidation: Court

Law360, New York (August 23, 2012, 4:57 PM EDT) -- In an opinion establishing law regarding insurance companies under liquidation in New Jersey, a state appeals court on Thursday held that New Jersey's insurance coverage laws trump those of other states in distributing assets of financially troubled insurers, slamming the door on two companies' multimillion-dollar product liability claims.

The decision means that two out-of-state companies, Sepco Corp. of California and Mine Safety Appliances Co. of Pennsylvania, are denied claims of $51.5 million and $5.1 million under New Jersey's pro-rata allocation methodology that takes into consideration both...
To view the full article, register now.