MATTER OF MIDLAND INS. CO.


79 N.Y.2d 253 (1992)

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

Court of Appeals of the State of New York.

Decided March 26, 1992.


Attorney(s) appearing for the Case

Harold A. Kurland, Robert B. Calihan and Judy A. Toyer for appellant.

David M. Spector, Thomas S. Kiriakos, Ira J. Belcove and Walter Eliot Bard for respondent.

Reid L. Ashinoff, Martin J. Foley, Phillip E. Stano, Richard P. Hefferan, Craig A. Berrington, Ronald S. Gass, L. Eric Loewe and Debra J. Anderson for American Council of Life Insurance and others, amici curiae.

Chief Judge WACHTLER and Judges KAYE, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur.


SIMONS, J.

This action was instituted by Kemper Reinsurance Company (Kemper Re) against the State Superintendent of Insurance, as liquidator of the insolvent, Midland Insurance Company. Kemper Re seeks a declaration that Insurance Law § 7427 authorizes it to offset moneys it concededly owes Midland under a reinsurance contract against amounts Midland owes it for...

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