Non-Resident Manufacturer Can't Recoup Losses from Guaranty Association

JACKSON, Miss. - The Mississippi Supreme Court has affirmed an award of summary judgment to the state's insurance guaranty association, ruling that a non-resident manufacturer cannot rely on underlying asbestos tort claimants' residency to satisfy the residency requirement of Mississippi's insurance statute. Owens Corning v. Mississippi Insurance Guaranty Association, No. 2005-CA-1450-SCT (Miss. Sup. Ct.).

The high court said in a Feb. 1 opinion that the Madison County (Miss.) Circuit Court didn't err in finding for the Mississippi Insurance Guaranty Association (MIGA) because Delaware-based Owens Corning, and not any underlying tort claimants, asserted the claim at issue but is not a …