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Article: JUDGE RULES AGAINST STATE IN CROWN LIFE REINSURANCE CASE / DECISION COULD HAVE NATIONAL RAMIFICATIONS, SAYS LITCHFIELD
- Article from:
- THE JOURNAL RECORD
- Article date:
- May 28, 1986
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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Crown Life Insurance Co. of Toronto, Canada, has prevailed against
the Oklahoma State Insurance Commissioner in a case that could have
national reinsurance ramifications, according to C. Wayne Litchfield,
Crown Life attorney.
U.S. District Judge Wayne Alley ruled that Crown Life was entitled
to offset its reinsurance premiums and risk charges against the
claims it was to pay to the insolvent United Equity Life InsuranceCo.
of Oklahoma City.
In the ruling, made from the bench on May 19 in Oklahoma City,
Judge Alley said the offset, or "netting," provision in a reinsurance
agreement between United Equity and Crown Life is operative, even
though United Equity - the ceding company - was ...