Arizona Life & Disability Insurance Guaranty Fund v. Honeywell, Inc.
Arizona Supreme Court
1Opinion of the Court
OPINION
JONES, Vice Chief Justice.
The parties seek review of the court of appeals’ ruling concerning guaranteed investment contracts (GICs) issued by the Executive Life Insurance Company (ELIC) to the trustee of certain employee retirement plans established by Honeywell, Inc. (Honeywell). See Arizona Life & Disability Ins. Guar. Fund v. Honeywell, Inc., 187 Ariz. 146, 927 P.2d 806 (1996). The trustee of Honeywell’s retirement plan (Trustee) purchased GICs from ELIC, which was subsequently declared insolvent. Honeywell and the Trustee then submitted a claim to the Arizona Life and Disability…
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