STORY FROM: Reinsurance & Arbitration
Scheduling Order Issued in Receiver's $2.4 Million Reinsurance Action
October 26, 2015
CHICAGO — An Illinois federal judge has issued a scheduling order in a dispute over $2.4 million in reinsurance proceeds allegedly owed to Pine Top Receivables of Illinois by Banco de Seguros del Estado.
In a Sept. 17 order, Judge Marvin E. Aspen of the U.S. District Court for the Northern District of Illinois ordered the parties to submit written discovery by Nov. 16.
From 1977 to 1984 Banco entered into contracts under which it reinsured Pine Top Insurance Co. Banco still allegedly owes Pine Top Insurance $2,352,464.08 under the contracts.
Pine Top Insurance became insolvent and was placed into ...
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