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BILL LOCKYER, Attorney General
of the State of California
RANDALL P. BORCHERDING
Supervising Deputy Attorney General
State Bar Number 52237
455 Golden Gate Avenue, Suite 11000
San Francisco, CA 94102-7004
Telephone: (415) 703-5509
Facsimile: (415) 703-5480
Attorneys for Applicant Insurance
Commissioner of the State of California
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN FRANCISCO
INSURANCE COMMISSIONER OF THE
STATE OF CALIFORNIA,
Applicant,
v.
SURETY INSURANCE COMPANY OF
CALIFORNIA, a California Corporation,
Respondents.
Case No.: 995741
ORDER APPROVING
FINAL DISTRIBUTION, SETTLING
AND APPROVING INSURANCE
COMMISSIONER'S REPORT AND
ACCOUNT, TERMINATING
PROCEEDING AND
DISCHARGING CONSERVATOR
AND LIQUIDATOR
Hearing Date: January 23, 2003
Time: 9:30 a.m.
Dept: 301
[Insurance Code Sections §§ 1017(a),
1021,1037(d), and 1061]
The court having read and considered the Insurance Commissioner's Verified Final Report And Account of Conservator and Liquidator from May 23, 1984 to October 31, 2002, and Application For Order 1) Settling and Approving Final Report and Account; 2) Authorizing Disbursement of Funds and 3) Terminating Proceeding and Discharging Conservator and Liquidator (Final Report and Account), submitted by the Insurance Commissioner, as Conservator and Liquidator, with supporting financial documents and good cause therefore appearing, hereby ORDERS that:
The Commissioner is authorized to make a final distribution of approximately $25,905.24, along with any accrued income or less any losses resulting from a change in value of the remaining assets, to the Class 5 claimants as described in paragraphs 5, 6, 10 and 11 of his Final Report and Account;
The Commissioner is authorized pursuant to the Unclaimed Property Law, Code of Civil Procedure section 1500 et seq., and specifically pursuant to Code of Civil Procedure section 1517(b), to deposit into the Insurance Fund the sums of $50.92, $18,082.85 and $189,354.18 as set forth in paragraphs 10,11 and 14 of his Final Report and Account; plus any accrued income or less any losses resulting from a change in value of the remaining assets.
The Commissioner is authorized to expend those funds necessary up to $53,000 for final administrative closing and post-closing expenses; including the preparation of the final accounting; legal fees for drafting of the Liquidator's Final Report and any interim applications; legal fees in connection with preparation and attendance at hearings concerning approval of the Liquidator's Final Report and Accounting and other interim hearings; Department of Finance Audit Fees; and other expenses as may be incurred in the normal course of closing this liquidation estate, without further court approval;
The Commissioner is authorized to maintain the records of Surety Insurance Company of California currently in his possession for three years from the date of the termination of this liquidation proceeding and after that time to destroy all such records in his possession except those records necessary for examination by the Department of Finance pursuant to Insurance Code section 1061; and,
The Commissioner is discharged as Conservator and Liquidator effective thirty days after the filing of his Declaration of Completion of the liquidation and compliance with this Court's Order, without further order of this court, and this liquidation proceeding will thereby be terminated.
