4D05-2685-Amcomp Preferred Insurance Company v. Koken

State: Florida

Court: Florida Fourth District Court

Docket No: 4D05-2685

Case Date: 12/28/2005

Preview:DISTRICT COURT OF APPEAL OF THE STATE OF FLORIDA
FOURTH DISTRICT July Term 2005 AMCOMP PREFERRED INSURANCE COMPANY, f/k/a PINNACLE ASSURANCE CORPORATION, a Florida corporation; AMCOMP INCORPORATED, a Delaware corporation and AMCOMP ASSURANCE CORPORATION, a Florida corporation, Appellants, v. M. DIANE KOKEN, Insurance Commissioner of the Commonwealth of Pennsylvania, in her official capacity as Liquidator of RELIANCE INSURANCE COMPANY, Appellee. No. 4D05-2685 [ December 28, 2005 ] HAZOURI, J. Appellee, M. Diane Koken, Insurance Commissioner of the Commonwealth of Pennsylvania, in her official capacity as "Liquidator" of Reliance Insurance Company, filed an Amended Complaint against appellants, Amcomp Preferred Insurance Company, Amcomp Incorporated, and Amcomp Assurance Corporation, pursuant to the authority granted to her under the Pennsylvania Insurance Department Act of 1921, 40 Pennsylvania Statutes section 221.30(a) (2001), to recover preferential payments1 made by Reliance to appellants. These payments made to appellants under a reinsurance agreement between
A "preference" is defined as: [A] transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the insurer within one year before the filing of a successful petition for liquidation . . . the effect of which transfer may be to enable the creditor to obtain a greater percentage of this debt than another creditor of the same class would receive. 40 Pa. Cons. Stat.

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