Legal Opinion
Zack Stamp, Director of Insurance for the State of Illinois, as Liquidator of Reserve Insurance Company v. Insurance Company of North America
Court of Appeals for the Seventh Circuit
Decided July 23, 1990No. 89-1168PublishedCited by 29 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Bankruptcy in the insurance business has brought us two difficult questions. First is whether amounts the insolvent insurer owes to a reinsurance pool for net losses before the bankruptcy may be set off against amounts the pool owes to the insolvent firm. Second is whether the unearned premiums credited to customers on the cancellation of policies placed with the insolvent firm are voidable preferences and, if they are, who is liable.
I
The Bankruptcy Code does not apply to insurance companies. 11 U.S.C. § 109(b)(2), (d). Like most other states, Illinois handles the…
2Cases cited34 opinions
- Colorado River Water Conservation District v. United StatesSupreme Court of the United States · 1976
- Pennsylvania Department of Public Welfare v. DavenportSupreme Court of the United States · 1990
- Bonded Financial Services, Inc., Debtor-Appellant v. European American BankCourt of Appeals for the Seventh Circuit · 1988
- Scott v. ArmstrongSupreme Court of the United States · 1892
- Louis W. Levit, Trustee of V.N. Deprizio Construction Co. v. Ingersoll Rand Financial CorporationCourt of Appeals for the Seventh Circuit · 1989
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3Cited by29 opinions
- In the Matter Of: Unr Industries, Inc., Debtors. Appeals of Unarco Bloomington Factory WorkersCourt of Appeals for the Seventh Circuit · 1994
- Diginet, Incorporated v. Western Union Ats, Incorporated, Third-Party-Defendant-Appellant v. City of Chicago, Third-Party-Plaintiff-AppelleeCourt of Appeals for the Third Circuit · 1992
- Property & Casualty Insurance Limited v. Central National Insurance Company Of OmahaCourt of Appeals for the Seventh Circuit · 1991
- Stephen Wesbrook v. Karl UlrichCourt of Appeals for the Seventh Circuit · 2016
- Prudential Reinsurance Co. v. Superior CourtCalifornia Supreme Court · 1992
24 more not listed; retrieve them via the Exa API.