STORY FROM: Reinsurance & Arbitration
Pine Top Receivables’ Claim for $2.26 Million in Reinsurance Proceeds Time-Barred, Ill. Federal Judge Rules
June 1, 2016
CHICAGO — An Illinois federal judge has awarded Banco de Seguros del Estado summary judgment in an action in which Pine Top Receivables of Illinois (PTRIL) sought $2.26 million in reinsurance proceeds, ruling that the action is time-barred because it was filed 18 years after the receiver’s cause of action had accrued.
In a May 31 order, Judge Marvin E. Aspen of the U.S. District Court for the Northern District of Illinois said PTRIL failed to cite any precedent holding that the liquidation set-off provision delays accrual of otherwise ripe contract claims or blunts the impact of a general statute ...