J.C. Penney Filed Class 5 Claim With Receiver, Court Affirms

KANSAS CITY, Mo. - A proof of claim filed with the receiver of Transit Casualty Co. by J.C. Penney Life Insurance Co. is a Class 5 general creditor claim because it was filed in connection with a reinsurance contract, not an insurance policy, a Missouri appellate court has ruled. J.C. Penney Life Insurance v. Transit Casualty Company in Receivership, No. WD69819 (Mo. App., W.D.).

On Sept. 29, the Missouri Court of Appeals, Western District, affirmed that the parties to the contract at issue did not intend that policyholders be third-party beneficiaries of the contract with the right to maintain an …