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Magazine Article
Insolvent reinsurers pose even greater risk
1994
Overview
As a result of a 1993 decision by the US Supreme Court in the case of United States Department of the Treasury vs. Ohio Insurance Superintendent George Fabe, a ceding insurer's ability to recover amounts owed by an insolvent reinsurer has been diminished. In its decision in the Fabe case, the court used the so-called federal priority statute, which confers priority to the US over general creditors with respect to the schedule of payments from persons or parties that are insolvent and in bankruptcy. The decision, which has applications for both property/casualty and life/health insurers, adversely impacts ceding insurers because courts in Illinois, Indiana, North Carolina, and Tennessee have unanimously held that ceding insurers are general creditors, not policyholders, of insolvent reinsurers under state distribution schemes essentially identical to Ohio's.
Publisher
A.M. Best Company
Subject
