In recent years Dinsmore has served by appointment of the Ohio Attorney General as Outside Counsel to the Ohio Department of Insurance, Division of Liquidations in connection with the statutory liquidation of certain failed Ohio property and casualty insurance companies.
Our work has mainly consisted of marshalling the assets of the failed insurance companies and the prosecution of litigation on behalf of the Superintendent of Insurance in her capacity as Liquidator against various debtors of the companies and parties responsible for the failure of the companies. The litigation we have handled has included suits against: directors and officers of the failed insurers, insurance liability carriers for the directors and officers, employee theft insurance carriers for the insurers, the insurers' parent and affiliated companies, financial auditors for the insurers, the insurers' actuary, various of the insurers' agents, and high deductible insureds of the insurers.
In addition to assisting the Liquidator in prosecuting claims against others, we have assisted the Liquidator in defending claims against the liquidation estates, including lawsuits filed in bankruptcy court in Delaware by the Bankruptcy Trustee of the parent company of one of the insurers and assessments made by the IRS against insurers. We also have helped negotiate a tax refund from the IRS.
We also have assisted the Liquidator in running out the affairs of the failed insurers, such as terminating the insurers' pension plans, and in administering the liquidation proceeding, such as developing the statutorily required early distribution plan for state insurance guaranty funds.