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  5. 164 A.D.2d 583 (1991)
 

BELCO PETROLEUM v. AIG OIL

164 A.D.2d 583 (1991)

Belco Petroleum Corporation et al., Appellants, v. AIG Oil Rig, Inc., et al., Respondents In the Matter of the Arbitration between AIG Specialty Agencies, Inc., Respondent, and Belco Petroleum Corporation, a Wholly Owned Subsidiary of Enron Corporation, et al., Appellants

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

January 17, 1991

Attorney(s) appearing for the Case

David R. Hyde of counsel (George Wailand and David B. Shontz with him on the brief; Cahill Gordon & Reindel, attorneys), for respondents.

Jack G. Stern of counsel (John E. Hoffman, Jr., David J. Dykehouse, Henry Weisburg, Deborah R. Meshulam and Valorie K. Vojdik with him on the brief; Shearman & Sterling, attorneys), for appellants.

KUPFERMAN, J. P., SMITH and RUBIN, JJ., concur.

WALLACH, J.

The appeal raises several issues, the most important being whether punitive damages can be awarded against an insurance company for conduct amounting to an unfair claim settlement practice as defined by Insurance Law § 2601. That issue — whether the common-law right to punitive damages is "preempted" by Insurance Law § 2601 — is a pure question of law, and we address it first...

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