Pa. Reinsurance Ruling Sets Precedent For Insolvency Cases
By Andrew Rothseid and Joseph Donley (June 22, 2018, 4:01 PM EDT) -- In an April 11, 2018, memorandum and order, Pennsylvania's Commonwealth Court:
Confirmed an arbitration award in favor of the Pennsylvania Insurance Commissioner, as liquidator of Westmoreland Casualty Company, and against General Reinsurance Corporation. The award compelled the reinsurer to reimburse the liquidator for the reinsurer's proportionate share of determined amounts agreed between the liquidator and its creditors, several state guaranty associations; and
Denied General Re's motion to seal the award, notwithstanding the confidentiality order in the underlying arbitration.
Why the Rulings Break New Ground
The court's memorandum and order demonstrates:
The liquidators' latitude to accelerate payment to the creditors, the state...
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