Pine Top Receiver’s Lawsuit Against Reinsurer Untimely, 7th Cir. Affirms

CHICAGO — A federal appeals court has upheld an award of summary judgment to Banco de Seguros del Estado, ruling that an action in which Pine Top Receivables of Illinois (PTRIL) sought $2.26 million in reinsurance is time-barred, because it was filed 18 years after the claims had accrued.

In an Aug. 7 opinion authored by Judge Frank H. Easterbrook, the 7th Circuit U.S. Court of Appeals rejected PTRIL’s argument that insurance liquidators are not bound by Illinois’ limit of 10 years to sue on contracts. Liquidators may not wait until the end of the liquidation, and then submit one …