STORY FROM: Reinsurance & Arbitration

Insurer’s Former Employees Not Liable in Reinsurance Fraud Action, Ill. Appeals Court Rules

CHICAGO — Claims in which Guarantee Trust Life Insurance Co. (GTL) accused two of its former employees of conspiring to fraudulently withdraw reinsurance premiums from a custodial account for their own enrichment are time-barred, an Illinois appellate court has affirmed.

In a Jan. 29 opinion, the Illinois Court of Appeals, 1st Division, agreed with the trial court that GTL could have discovered that it had claims against those defendants within the statutory period because it already knew that one of its own employees was involved in the alleged scheme.

GTL alleges that Keith Lindvig and Larry Graves caused it to ...

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