The Pennsylvania Supreme Court, in what is being called a landmark ruling influencing all regulated business, validated the manner in which the state Department of Insurance restricts the restructuring of insurance companies. The court held that state insurance regulators satisfied administrative due process requirements when they approved the reorganization of the Philadelphia-based CIGNA Corp. in 1996. "This ruling gives enormous power to the insurance department," said attorney Jerome J. Shestack.
July 23, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Pennsylvania Supreme Court, in what is being called a landmark ruling influencing all regulated business, validated the manner in which the state Department of Insurance restricts the restructuring of insurance companies.
In an opinion released Tuesday, the court held that state insurance regulators satisfied administrative due process requirements when they approved the reorganization of the Philadelphia-based CIGNA Corp. in 1996.
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