Mutual debts or mutual credits, whether arising out of one or more contracts between the person in liquidation under Section 1016 and any other person, shall be set off and the balance only shall be allowed or paid, except with respect to any of the following obligations as described in subdivisions (a) to (d), inclusive:
(a)The obligation of the person in liquidation to such other person does not entitle such other person claiming such set-off to share as a claimant in the assets of the person in
liquidation.
(b)The obligation of the person in liquidation to the other person was purchased by, or transferred to, the other person.
(c)The obligation of the other person to the person in liquidation is to pay an assessment levied against the other person or to pay a balance upon a subscription for shares of the capital stock of the person in liquidation.
(d)The obligations between the other person and the person in liquidation arise from business where either the person in liquidation or the other person has assumed risks and obligations from the other party and then has ceded back to that party substantially the same risks and obligations.
Notwithstanding the foregoing, a set-off of amounts due on obligations arising from those contracts shall be allowed if the
balance arises from contracts that were entered into, renewed, or extended with the express written approval of the commissioner.
Notes of Decisions
Prudential Reinsurance Co. v. Superior Court, 842 P.2d 48 (Cal. 1992).
· cites it 4× “Insurance Code section 1031 [1] (section 1031) gives creditors of insurers in liquidation a general right of setoff subject to specified exceptions.”
Quackenbush v. Allstate Ins., 121 F.3d 1372 (9th Cir. 1997).
“Quackenbush argued that Allstate’s proofs of claim asserted “group-to-group” offsets (i.”
Koken v. Legion Ins. Co., 865 A.2d 945 (Pa. Commw. Ct. 2005).
“Section 532 of Article V is identical to Section 1031 of the California insurer insolvency statute, Cal. Ins.Code § 1031 (2004). 20 . Dassenko argues, as does the Liquidator here, that a reinsurer should not be allowed to set off reinsurance proceeds owed to insolvent insurer A…”
Gillespie v. California Stand. Indem. Co., 212 Cal. App. 3d 1351 (Cal. Ct. App. 1989).
“Insurance Code section 1031 provides, in part: “In all cases of mutual debts or mutual credits between the person in liquidation under Section 1016 and any other person, such credits and debts shall be set off and the balance only shall be allowed or paid, but no set-off shall…”
Mike Kreidler v. Statewide Gen. Ins. & Marcel Matar (Wash. Ct. App. 2014).
“LAW § 7427 ; CAL. INS. CODE § 1031. II. STANDARD OF REVIEW Summary judgment is proper where there is no genuine issue as to any material fact and the moving party is entitled to judgment as a.”
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