Judge Affirms Constitutionality Of RI Insurance Law

Law360, New York (April 28, 2011, 5:15 PM EDT) -- A Rhode Island state judge on Monday upheld the constitutionality of a statute that enables insurance companies no longer writing new business to liquidate claims outside of an insolvency process, the only such law of its kind in the U.S.

Judge Michael A. Silverstein said that two creditors challenging the commutation plan of GTE Reinsurance Co. Ltd. and the Rhode Island statute on which it's based, the Voluntary Restructuring of Solvent Insurers Act, failed to establish that they violated the contracts clause of the U.S. or...
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