Printer Friendly

BEST'S SOURCE CONFIDENTIALITY IS UPHELD UNDER SHIELD LAW

 OLDWICK, N.J., Sept. 7 /PRNewswire/ -- A New Jersey Superior Court Judge has ruled that A.M. Best Company, which publishes insurance information and rates insurers, has the right to protect the confidentiality of information gathered for rating and other purposes.
 The ruling, by Judge Alexander Menza in Elizabeth, found that Best's publications qualify as news media and therefore are protected under the state's Shield Law from being forced to disclose information sources, be they documents or individuals.
 The finding, which went against a woman seeking information for her defense in another court case, reasserts Best's right to assure the companies it rates that the information they provide to help Best determine ratings will remain confidential and protected from subpoena.
 The woman, Margena Burnett, had subpoenaed Best for access to documents that she hoped would help her disprove allegations lodged against her by the Florida Department of Insurance in connection with that state's takeover and liquidation of junk-bond laden Guarantee Security Life Insurance Co., of Jacksonville, Fla. The insurance department alleged in a $300 million lawsuit that Ms. Burnett -- along with her husband, Mark Sanford, who controlled Guarantee Security, and others -- misrepresented the insurer's financial condition in order to conceal that the company was insolvent. The purpose of her subpoena to A.M. Best was to uncover proof that she hadn't misled regulators, including the SEC, and policyholders. The Florida case is scheduled for trial in March 1995.
 A.M. Best's publications include Best's Insurance Management Reports, a weekly newsletter; Best's Review, a monthly magazine; and an annual report on companies entitled Best's Insurance Reports.
 -0- 9/7/93
 /CONTACT: John J. Grillos of A.M. Best, 908-439-2200, X5662/


CO: A.M. Best Company; Guarantee Security Life Insurance Co. ST: New Jersey, Florida IN: INS SU:

LG -- NY036 -- 9294 09/07/93 11:13 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 7, 1993
Words:305
Previous Article:NETWORK IMAGING SIGNS AGREEMENTS VALUED AT $40 MILLION
Next Article:MONTGOMERY COUNTY (PA.) HOUSING BONDS 1993 A&C 'BBB+' BY FITCH
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters