Golden Eagle Sues!

2008/05/07

Golden State sues over unfair practices. The Golden Eagle Insurance suit is in relation to the old Golden Eagle Insurance Co., which was seized in 1997 and sold off to the highest bidder.

 

Golden Eagle Insurance Corporation is now fully owned by Liberty Mutual Group, has alleged that the Department of Insurance has failed to pay it for claims administration services. The company also says it was shorted on reinsurance funds the DOI has received from reinsurance treaties covering old claims.

 

According to Golden Eagle execs, the new Golden Eagle has ended up paying claims in excess of what it had believed it would pay.

 

The recent suit, which was filed against the California DOI for claims administration fees and reinsurance proceeds, was to keep the Statute of Limitations on a matter that goes back to the Conservation of Golden Eagle Insurance Company in 1997.