Receivership spurs conflict

Mcleod, Douglas
April 2003
Business Insurance;4/14/2003, Vol. 37 Issue 15, p3
This article focuses on lawsuits filled by policyholders against various insurance companies in Virginia and Tennessee. Virginia regulators earlier this year seized Glen Allen, Virginia-based Reciprocal of America, which had seen its surplus eroded by rising medical malpractice and workers compensation losses and problems collecting from a Bermuda captive reinsurer. The move prompted Tennessee regulators to take over three Tennessee-domiciled medical and legal malpractice RRGs that had the same management as ROA and that reinsured virtually all of their business with the Virginia company. Tennessee regulators, however, insist that the RRGs' roughly 25,000 policyholders should be given equal priority and that the Virginia receiver is depleting ROA assets that should be available to the RRGs' hospital, physician and attorney claimants.


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