STORY FROM: Reinsurance & Arbitration

Plaintiffs Move to Strike Reinsurer’s Pleading for Failing to Post Security

NEW YORK — The plaintiffs in a lawsuit accusing a captive reinsurer of siphoning assets from an employee benefit plan have asked a New York federal judge to strike the reinsurer’s motion to dismiss, arguing that it failed to post the security required under state and federal law.

In a July 26 motion filed before Judge Ann M. Donnelly of the U.S. District Court for the Eastern District of New York, the plaintiffs argue that as an unlicensed insurer, HealthCap Assurance Inc. must post security pursuant to New York Insurance Law § 1213(c).

Plaintiffs are employees of Preferred Home Care ...

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