Grimes v. Crown Life Insurance

STEPHEN H. ANDERSON, Circuit Judge.

This dispute arises out of efforts by the Oklahoma Insurance Commissioner as liquidator of the United Equity Life Insurance Company (“UELIC”) to realize on a “Coinsurance Indemnity Reinsurance Agreement” (the “Agreement”) entered into between UELIC and Crown Life Insurance Company (“Crown”). Gerald Grimes, the Oklahoma Insurance Commissioner, determined before UELIC was placed in liquidation that the Agreement between UELIC and Crown was sufficient under state law to allow UELIC to transfer some of its insurance liability to Crown and thus continue to write…