Citation General Insurance Company announces final distribution with all creditors to be paid full value of their claims.
In a court order dated August 18, 2010, Citation General Insurance was authorized to release a final distribution of all assets. All of the approved creditors of the estate were paid 100% of the value of their approved claim, plus the policyholder class of creditors of the estate received a substantial payment of interest in addition to full value of their claim. The total distribution will be slightly in excess of $11,000,000 with individual checks due to be mailed on September 2, 2010. The estate was liquidated on August 24, 1995.
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EDMUND G. BROWN JR.
Attorney General of California
JOYCE E. HEE
Supervising Deputy Attorney General
State Bar No. 88610
1515 Clay Street, 20th Floor
P.O. Box 70550
Oakland, CA 94612-0550
Telephone: (510) 622-2227
Fax: (510) 622-2121
Attorneys for Applicant
Steve Poizner, Insurance Commissioner
As Liquidator of Citation General Insurance Co.
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN FRANCISCO
INSURANCE COMMISSIONER OF THE
STATE OF CALIFORNIA
CITATION GENERAL INSURANCE
COMPANY, a California corporation,
Case No. CPF-95-972164
ORDER APPROVING INSURANCE
COMMISSIONER'S FINAL REPORT
AND ACCOUNTING AND FINAL
DISTRIBUTION OF ASSETS OF
CITATION GENERAL INSURANCE
The application for approval of the Final Report and Accounting and Final Distribution of Assets filed by Steve Poizner, Insurance Commissioner of the State of California ("Commissioner"), as Liquidator of Citation General Insurance Company, came on regularly for hearing on August 18, 2010. Supervising Deputy Attorney General Joyce E. Hee appeared on behalf of the Commissioner as Liquidator.
Upon consideration of the Commissioner's application, memorandum of points and authorities, supporting declarations (with exhibits), the files and pleadings in this case, and in the absence of any opposition and Good Cause appearing,
IT IS ORDERED that:
The Application of the Insurance Commissioner is GRANTED.
The Insurance Commissioner's Final Report and Accounting as Conservator and Liquidator for the period from July 21, 1995, to May 31, 2010, is settled and approved.
The Commissioner is authorized to distribute approximately $11,010,196.23 to the approved Class 5 (insurance guaranty association and policyholder claims) and Class 6 (all other claims) claimants, as follows.
(1) CIGA shall receive $797,101.50, plus $7,849,538.57 in interest, for a total payment of $8,646,640.07.
(2) The other Class 5 claimants shall receive $31,792.13, plus $519,200.15 in interest, for a total payment of $550,992.28.
(3) The Class 6 claimants shall rebeive 100% of their approved claims, which totals $1,812,563.88.
The amount available for distribution is subject to adjustment for investment income and changes in the market value of investments that have been posted as of the date the investments are withdrawn from the investment pool. The distributions shall be made within two weeks of receipt of the signed order from the Court.
The Commissioner is authorized to retain (1) the sum of $ 311,245.00 for payment of administrative expenses incurred by the Commissioner from May 1, 2010, to May 1, 2011, for administrative and closing costs and (2) the sum of $132,416 for accrued and estimated tax liability. The Commissioner is authorized to pay any excess closing and administrative costs out of the funds appropriated for the maintenance of the Department of Insurance. A report to the Court of the expenditure of these hinds shall not be required;
In accordance with the six-month waiting period set forth in Code of Civil Procedure section 1517, the Commissioner, as to disbursements that are either undeliverable or as to which issued checks have not then been negotiated, is authorized to void such checks as have not then been negotiated and escheat all undeliverable amounts and amounts of non-negotiated checks to the Insurance Fund pursuant to Insurance Code section 12937.
The Commissioner is authorized to maintain in the Conservation & Liquidation Office imaged databases of all records of Citation General for a period of three years from the date of the Court's order, and thereafter the Commissioner is authorized to destroy all records of Respondent Citation General, except for those records necessary for examination by the Department of Finance or other auditor of the Commissioner's books and records pursuant to section 1061.
The Commissioner is authorized to take any action necessary to accomplish the purpose of this Order
The estate of Citation General Insurance Company shall be closed and the Commissioner shall be discharged as Liquidator upon the filing of a declaration that the Commissioner has distributed the assets of Citation General Insurance Company in accordance with this Court's order approving the final distribution of assets. The Commissioner, his Special Deputies, the Conservation and Liquidation Office, its employees, the California Department of Insurance, and its personnel, and the Commissioner's agents and attorneys, shall be, upon such filing, DISCHARGED from any and all claims, debts, liabilities, or duties to further account for the assets or liabilities of Citation General Insurance Company through the date of the declaration, and shall have no liability of any kind or nature for such claims or debts.
DATED: August 18, 2010.
CHARLOTTE WALTER WOOLARD
HON. CHARLOTTE W. WOOLARD
Judge Of The Superior Court