Regulator sides with N.Y. firm in Baldwin case.

The Arkansas commissioner of insurance said that Metropolitan Life Insurance Co. should be allowed to take over $3 billion in annuities issued by Baldwin United, which filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in 1983. Insurance Commissioner Robert Eubanks, who filed his opinion in state court, said that his top priority in choosing New York-based Metropolitan over Sun Life Guaranty was the safety of the investment. Arkansas is the scene of the competition for the annuities between the two companies because the policies at issue were written by three Baldwin United subsidiaries based in the state. Court hearings began in April and a ruling is expected by the end of the month.