An attorney for Applied Underwriters said the company plans to appeal to state court a California Department of Insurance decision that the EquityComp program used unfiled policy agreements in violation of state law.
Jeff Silver, general counsel for Applied, said in an email on Friday that the insurance commissioner’s June 20 decision in a dispute between Shasta Linen and California Insurance Co. is “both factually and legally deficient.”
Silver said the underlying reinsurance agreement between California Insurance Co. and Applied Underwriters Captive Risk Assurance Co....
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