Poizner

Aurora S.A. appeals from a judgment denying its petition for writ of mandate. (Code Civ. Proc., § 1085.) Aurora S.A. contends the trial court erred when it ruled California’s Insurance Commissioner correctly declined to approve its sale of an insurance company to a different insurance company. We conclude the court’s ruling is well supported and will affirm.

I. Factual and Procedural Background

The dispute in this case is yet another aspect of the dizzyingly complex and heavily litigated failure of the Executive Life Insurance Company (ELIC).

In 1991, ELIC failed. California’s Insurance Commissioner (the Commissioner) was appointed the conservator of the ELIC estate, and as conservator, the Commissioner oversaw the sale of the estate’s assets. The MAAF Group, a consortium of French and Swiss insurers, and Altus S.A., an entity controlled by the French government, jointly submitted the winning bid.

Thereafter, pursuant to a contract entered into between the Commissioner and the Altus S.A./MAAF Group, ELIC’s insurance policies were transferred to a new insurance company, Aurora National Life Assurance Company (Aurora), a subsidiary of New California Life Holdings…