A Pennsylvania state judge has ruled that Insurance Commissioner M. Diane Koken must stop “stonewalling” American Re-Insurance Co.’s application for regulatory approval to buy surplus lines insurer United National Group.
The commissioner has allegedly improperly stalled a proposed $350 million transaction expected to close last year as a way to pressure American Re’s German parent, Munich Reinsurance Co., into joining the International Commission on Holocaust Era Insurance Claims.
Now that Judge Joseph T. Doyle has upheld the allegations, the commissioner must deal with American Re’s application “forthwith. Doyle held that, because no laws require insurers to participate in the Holocaust Commission, purposefully delaying the processing of a purchase application is improper.
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