State Ex Rel. Crawford v. Guardian Life Insurance Co. of America

HODGES, J.,

with whom OP ALA and WILSON, JJ., join, dissenting.

¶ 1 I dissent from this Court’s opinion elevating Guardian Life Insurance Company of American (Guardian) to a position above other creditors. Before its amendment in 1988, section 1928(B) of title 36 of the Oklahoma Statutes allowed reinsurers a right to setoff. In 1988, the Oklahoma Legislature amended section 1928(B) to disallow a setoff to reinsurers who enter into contracts intended to mask from the Insurance Commissioner a precarious financial situation of an insurance company. This Court holds that the 1988 amendment should…