The First Appellate District affirmed a judgment. The court held that the Insurance Commission did not abuse his discretion in denying an application for the transfer of ownership of an insurance company that was the subject of pending litigation.
1991, Executive Life Insurance Company (ELIC) failed and was put into conservatorship. California’s Insurance Commissioner was appointed the conservator. In the subsequent sale of ELIC’s assets, The MAAF Group, a consortium of French and Swiss insurers, and Altus S.A., an entity controlled by the French Government, jointly submitted the winning bid.
