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ARDI EXCHANGE v. VALLEY NAT. BANK

No. 91-1689.

493 N.W.2d 862 (1992)

ARDI EXCHANGE, a Risk Retention Group a/k/a Ardi Exchange, Appellee, v. VALLEY NATIONAL BANK, Defendant. Tim RYLES, Insurance Commissioner of Georgia, As Liquidator of Victoria Insurance Company, Ltd., Appellant, v. ARDI EXCHANGE, a Risk Retention Group a/k/a Ardi Exchange and David J. Lyons, Acting Commissioner of Insurance for the State of Iowa, Counterclaim Appellees.

Supreme Court of Iowa.

December 23, 1992.

Attorney(s) appearing for the Case

Dennis L. Puckett and John T. Ward of Sullivan & Ward, Des Moines, for appellant.

Fred M. Haskins, Des Moines, for counterclaim appellees.

Kent M. Forney and Steven M. Augspurger, Des Moines, for appellee.

Considered by HARRIS, P.J., and CARTER, LAVORATO, NEUMAN, and SNELL, JJ.

HARRIS, Justice.

An Iowa insurance company was required to place funds in a trust in order to secure required reinsurance. An attempt by the Georgia insurance commissioner (for a bankrupt Georgia insurance company) to obtain those funds was rejected in district court and this appeal followed. We affirm.

ARDI1 is a risk retention group2 comprised of independent equipment rental firms. In order for ARDI...

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