N.Y. Federal Judge Reinstates Adversary Proceeding Against Bermudian Reinsurer
August 1, 2023
NEW YORK — A New York federal judge has reinstated an adversary proceeding filed by Universal Life Insurance Co. against a Bermudian reinsurer involving allegedly fraudulent transfers from trust account, ruling it is related to the reinsurer’s insolvency proceedings.
In a July 31 order, Judge Analisa Torres of the U.S. District Court for the Southern District of New York concluded that the bankruptcy court has subject matter jurisdiction over the adversary proceeding filed against Private Bankers Life & Annuity Co., Ltd. (PBLA).
ULICO, a Puerto Rican insurance company, sells annuities and life insurance policies to individuals. In June 2017, ULICO …