California sued on behalf of Mission Insurance.
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The state Department of Insurance, conservator of the financially troubled Los Angeles-based insurer, filed suit against 144 reinsurers to recover $700 million in overdue payments plus at least $500 million in punitive damages. “While Mission has been paying policyholders covered by reinsurance agreements, the reinsurers have not,” Insurance Commissioner Roxani Gillespie said.
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