In a case of first impression, the Delaware Chancery Court ruled this month that it has original and exclusive jurisdiction over the in rem proceedings of an insolvent insurance company’s assets, but it does not have exclusive jurisdiction over all claims brought against an insurer.
Vice Chancellor Donald F. Parsons Jr. issued the ruling in a memorandum opinion inIn the Matter of the Rehabilitation of Manhattan Re-Insurance Co. Parsons held that the court’s jurisdiction in such matters is determined by the language stated in Delaware’s Uniform Insurers Liquidation Act, which is found in Title 18 Sections 5901-5932 of the Delaware Code.
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