American Pioneer Life Insurance Co. v. Receiver of First National Life Insurance Co.

CRAWLEY, Judge.

In 1996, the Circuit Court of Montgomery County placed First National Life Insurance Company (“First National”) in rehabilitation and appointed the chief of the Receivership Division of the Alabama Insurance Department as the receiver of First National (the “Receiver”). The Receiver; American Pioneer Life Insurance Company (“American Pioneer”); and Transamerica Occidental Life Insurance Company entered into a “Reinsurance and Assumption Agreement” (the “Agreement”), whereby American Pioneer assumed certain liabilities of First National and received certain assets. In addition…