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MATTER OF MIDLAND INS. CO.

167 A.D.2d 75 (1991)

In the Matter of the Liquidation of Midland Insurance Company Kemper Reinsurance Company, Appellant, v. James P. Corcoran, as Superintendent of Insurance of The State of New York, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

May 14, 1991

Attorney(s) appearing for the Case

David M. Spector of counsel (Robert C. Bata, Thomas S. Kiriakos and Ira J. Belcove with him on the brief; Mayer, Brown & Platt, attorneys), for appellant.

Harold A. Kurland of counsel (Robert B. Calihan and Judy A. Toyer with him on the brief; Nixon, Hargrave, Devans & Doyle, attorneys), for respondent.

Reid L. Ashinoff of counsel (Martin J. Foley, Phillip E. Stano, Robert L. Sarber, Craig A. Berrington, Richard E. Goodman and John J. Nangle with him on the brief; Sonnenschein, Nath & Rosenthal, attorneys), for American Council of Life Insurance and others, amici curiae.

MURPHY, P. J., SULLIVAN, ROSENBERGER and ROSS, JJ., concur.

ASCH, J.

In 1979, Midland and two of its affiliates, entered into a first casualty excess of loss cover reinsurance treaty with Kemper. The "treaty" refers to the reinsurance of the risk by Kemper on a particular line of reinsurance relating to casualty risks. In return for Kemper's assumption of excess risk, Midland and its affiliates agreed to pay it premiums. Thereafter, in 1984, Midland issued an excess products...

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