STORY FROM: Reinsurance & Arbitration
Insurance Department Did Not Deprive Policyholders of Due Process by Denying Motions to Intervene, Pa. Court Rules
January 19, 2016
HARRISBURG, Pa. — The Pennsylvania Department of Insurance did not deprive policyholders of due process in denying their motion to intervene in proceedings in which an insurance holding company sought to acquire the insurers that issued the policies, a Pennsylvania Commonwealth Court majority has ruled.
In a Jan. 14 opinion, the majority found that by providing the policyholders with notice of the proposed transaction and allowing them an opportunity to be heard, the Department complied with the Insurance Holding Company Act and, as such, satisfied due process requirements.
Petitioners Crosby Valve LLC, ITT Corp. and The Procter and Gamble Co. ...