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Regulator seeks court OK of EMLICO liquidation pact. (Massachusetts Insurance Commissioner Linda Ruthardt; Electric Mutual Liability Insurance Co.)
Business Insurance, March, 1997 by Prince, Michael
BOSTON - The Massachusetts Insurance Commissioner is asking a state court to approve a settlement under which it would participate in overseeing the liquidation of Electric Mutual Liability Insurance Co. in Bermuda. Reinsurers of EMLICO, however, contend the proposed deal puts them in a worse position for challenging claims by the failed insurer related to massive pollution and asbestos losses of its sole policyholder General Electric Co.
Under the terms of the settlement - reached last week among Massachusetts Commissioner Linda Ruthardt, GE, EMLICO's liquidators and an EMLICO affiliate - the Massachusetts commissioner will become U.S. receiver of EMLICO's winding-up in Bermuda. Under the settlement, before any GE claim can be settled by EMLICO, the commissioner...
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