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Ballard Spahr Legal Alert: Court Denies Pennsylvania Insurance Department’s Move to Liquidate Two Long-Term Care Insurers

By Douglas Y. Christian, Damian L. DiNicola, and Benjamin M. Schmidt, Attorneys, Ballard Spahr LLP The Commonwealth Court of Pennsylvania has rejected the efforts of the Pennsylvania Insurance Department (PID) to liquidate two long-term care insurance (LTCI) companies domiciled in Pennsylvania...

Reed Smith LLP on What to Do When Your Insurance Company Goes Broke

By Timothy P. Law, Partner, Reed Smith LLP Insurance company insolvencies cause disruption to businesses and create a risk of serious financial loss. In many instances, however, policyholders can make a full recovery or mitigate their losses by considering all appropriate avenues of recovery. This...

insolvency liquidation bankruptcy sign

Liquidation – New Appleman on Insurance Law Library Edition, Chapter 101

By Katherine Billingham Abstract Liquidation of an insurance company is the equivalent of a Chapter 7 bankruptcy and is the remedy of last resort for an insurer in financial difficulty. This chapter examines the timing, purpose and grounds for liquidation, as well as the process of the liquidation...

going out of business sign

Consequences of Insurer Insolvency – New Appleman on Insurance Law Library Edition, Chapter 102

By Bruce Baty and Jodi Adolf Abstract * * * Chapter 102 discusses the consequences of an insurer insolvency for the policyholders, agents, excess insurers and reinsurers of the insolvent insurer. The chapter begins in Section 102.01 with a general discussion of the liquidation process...

Case Studies of Insurer Insolvencies – New Appleman on Insurance Law Library Edition, Chapter 104

By Patrick H. Cantilo, Mark F. Bennett, and Arati Bhattacharya Abstract *** In this chapter, five insurance insolvencies are discussed in detail to illustrate a number of the issues that are presented in the management of troubled insurers. The companies discussed are the Legion Insurance...