House committee seeks EMLICO documents
subpoenaed the state Division of Insurance (DOI) demanding documents related to Electric Mutual Liability Insurance Co.'s move to Bermuda, the Boston Globe reported yesterday.
DOI has until then end of this week to produce the documents.
Neither the committee nor DOI would comment.
The DOI is in court resisting a request from the Centre for Insurance Research, a Cambridge consumer group, for the same documents.
The Globe also said that Governor William Weld's chief counsel is meeting with parties on all sides trying to get a fix on why the state's attorney general's office refused to represent the insurance division in another case of alleged withholding of documents.
This is the latest in a series of developments on the controversial redomestication of General Electric's EMLICO to Bermuda.
Reinsurers, facing billions of dollars in pollution liability claims, say EMLICO was knowingly insolvent before it was moved to Bermuda.
Bermuda and Massachusetts courts have told reinsurers they have no right to challenge the state insurance commissioners decision allowing the redomestication because they are debtors not creditors.
Reinsurers claim Bermuda's insolvency laws are more lenient than US laws but a US court said Island insolvency laws conform to US laws.
COURTS CTS
