Scottish Re Life Corp. v. Transamerica Occidental Life Insurance

ELMORE, Judge.

Scottish Re Life Corporation (appellee) entered into reinsurance contracts with Annuity and Life Reassurance Ltd. (ALR). The contracts required ALR to maintain significant assets in a trust for appellee’s benefit. In 2005, Transamerica Occidental Life Insurance Company (appellant) assumed all of ALR’s obligations to appellee by executing a novation agreement. As part of the novation agreement, appellee agreed to release its interest in the trust to appellant. After the release of the funds, appellee discovered that appellant was not licensed or accredited by the State of New…