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46A, to begin with the proviso: "Except as otherwise provided in section 180F.
180F and 46A applicable to pending proceedings: "Sections 2 and 6 of this act shall apply to all pending and future claims in liquidation proceedings pending on the effective date of this act and to claims in liquidation proceedings filed after the effective date of this act." St.
[Note 8] On July 12, 1989, approximately four months after the liquidation order of American Mutual was issued, the Legislature amended the priority clauses of s. 46A as follows: "(4) Claims by policyholders, beneficiaries, and insureds arising from and within the coverage of and not in excess of the applicable limits of insurance policies and insurance contracts issued by the company, and claims presented by [MIIF], [MLHIGA], or any similar organization in another state; provided, however, that the workers' compensation claims afforded a preference in [s.
Most claims under policies of insurance issued by American Mutual are being handled by MIIF, a guaranty fund established by G. Claims under workers' compensation policies had priority over claims under other types of insurance policies in the distribution of insolvent insurers' estates where, given the relative weakness of the rights asserted by the objectors to a plan for liquidation of the insurers, the sufficiency of the public interest that motivated the Legislature to amend the priority scheme, and the narrow range of claimants who would be affected, this court concluded that the priority accorded workers' compensation claims in G. [294-300] Page 273 CIVIL ACTION commenced in the Supreme Judicial Court for the county of Suffolk on January 17, 1989. Does the requisite mutuality for offset exist between obligations of AMLICO as reinsurer of First State Insurance Company (First State) and obligations of New England Reinsurance Corporation (NERCO) as reinsurer of AMLICO, where NERCO and First State are members of the First State Insurance Group that participate in an inter-company pooling and shared underwriting arrangement? Question (a) concerns whether the priority accorded workers' compensation claims in G. [281-287] The priority accorded workers' compensation claims in G. [292-294] Certain case reserves and incurred but not reported reserves established by insurers reinsured by insolvent insurers could not be used as offsets against amounts presently due and owing from such insurers as reinsurers of the insolvent insurers, where the Legislature had not acted to allow contingent claims generally, or case reserves and incurred but not reported reserves specifically, and where there was no compelling reason to do so based on the common law of setoff. A single justice of this court has reserved and reported four questions of law concerning the amended plan of liquidation of American Mutual Liability Insurance Company (AMLICO) and American Mutual Insurance Company of Boston (AMI) (collectively, American Mutual), which came before the county court on a motion for approval by the Commissioner of Insurance (commissioner), acting as the permanent receiver (receiver) of American Mutual. Do claims under workers' compensation policies have priority over claims under other types of insurance policies in the distribution of the AMLICO and AMI estates? If the answer to question (a) is yes, do claims presented by the Massachusetts Insurers Insolvency Fund [MIIF] and other guaranty funds and associations attributable to covered claims under policies of workers' compensation insurance have priority over claims under other types of insurance policies in the distribution of the AMLICO and AMI estates? Are case reserves and incurred but not reported reserves established by insurers reinsured by AMLICO or AMI properly used as offsets against amounts presently due and owing from such insurers as reinsurers of AMLICO or AMP "d. For the reasons set forth later in this opinion, we answer these questions as follows. As to question (d), we conclude that the requisite mutuality for offset does not exist between obligations of AMLICO as reinsurer of First State, and obligations of NERCO as reinsurer of AMLICO. A motion for approval of a plan of liquidation, filed on May 14, 1999, was heard by Judith A. David Leslie, Special Assistant Attorney General, with him) for Commissioner of Insurance. Cooke for California Insurance Guarantee Association & others, amici curiae. Cowin, J., and questions of law were reported by her.