STORY FROM: Reinsurance & Arbitration

Okla. Federal Judge Administratively Closes Receiver’s Lawsuit Against Actuary

OKLAHOMA CITY — An Oklahoma federal judge has administratively closed a lawsuit in which the receiver of an insolvent insurer accused an actuary of incorrectly determining that some of the carrier's reinsurance contracts were effective.

On Oct. 12, Judge David Russell of the U.S. District Court for the Western District of Oklahoma explained that if the parties have not reopened the case within 180 days for the purpose of dismissal pursuant to their settlement, the action will be deemed to be dismissed.

Driver’s Insurance Corp. (DIC) wrote auto insurance policies for high-risk drivers. The Oklahoma Insurance Department (OIC), which ...

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