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| Insurance Commissioner Poizner Announces Resolution of Golden State Mutual Insurance Company |
Golden State Mutual Life Insurance Company
Sale to Strong Insurance Company Protects Consumers, Creditors
February 26, 2010 - California Insurance Commissioner Steve Poizner today announced that in order to protect policyholders, Golden State Mutual Life Insurance Company has entered into a letter of intent with IA American Life Insurance Company to negotiate a reinsurance agreement to transfer all in-force insurance policies of Golden State Mutual. Golden State Mutual, the largest minority-owned life insurance company in California, was placed into conservation on Sept. 30, 2009 when the company's surplus dropped below the minimum required by the State of California. Golden State Mutual had recorded six consecutive years of net operating losses and was operating in a hazardous financial condition. "State law requires that we ...
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| Court Upholds $500 Million Award Against U.S. Life Insurance Co. |
Superior National Insurance Companies
Ninth Circuit Says Workers' Compensation Reinsurer Must Also Pay Millions in Interest
January 6, 2010 - California Insurance Commissioner Steve Poizner today announced that the United States Ninth Circuit Court of Appeals upheld an arbitration award requiring U.S. Life Insurance Co. to pay reinsurance of more than $500 million to Superior National Insurance Companies, workers' compensation insurer in liquidation. "This is huge and welcome news," Commissioner Poizner said. "Upholding this award means that that hundreds of millions of dollars will be available to pay the claims of workers injured on the job through the California Insurance Guarantee Association (CIGA) and other guarantee associations. I thank our staff for working hard on this matter." U.S. Life is a subsidiary of...
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| CLO SOLICITS BIDS FOR GOLDEN STATE MUTUAL LIFE INSURANCE COMPANY'S INFORCE INSURANCE POLICIES |
Golden State Mutual Life Insurance Company
November 25, 2009 - THE CLO SOLICITS BIDS FOR INFORCE INSURANCE POLICIES
TO ALL INTERESTED PARTIES OF GOLDEN STATE MUTUAL LIFE INSURANCE COMPANY
The Conservator has prepared a bid package for the purpose of soliciting interest from potential assuming reinsurers for the company's inforce blocks of life, annuity and health business.
Summary Data of Business Offered
If you are interested in obtaining a bid package please contact Joe Holloway at HollowayJ@caclo.org
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| Request for Dismissal |
PAULA Insurance Company
October 22, 2009 - Request for Dismissal entered for release of the estate of Paula Insurance Company
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| Declaration of Compliance |
PAULA Insurance Company
October 20, 2009 - Declaration of Compliance: Declaration of Scott Pearce Confirming Distribution of Assets Pursuant to Court Order and Closing the Estate of Paula Insurance Company ...
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| Conservation Order |
Golden State Mutual Life Insurance Company
September 30, 2009 - Insurance Commissioner Steve Poizner announced today that Golden State Mutual Life Insurance Company has been served an order of conservation and will discontinue selling new policies immediately. "My first duty is to protect policyholders," said Commissioner Poizner. "For some time my department has been concerned with Golden State Mutual's continued operating losses and repeatedly warned the company that continuing to sell assets to cover losses was hazardous to its policyholders and would eventually lead to conservation. Unfortunately, that day has now come. For the protection of its policyholders, the company has been seized to prevent continuing financial deterioration." While Golden State Mutual operates in 12 states, it is based in California and subject to...
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| INSCORP Rehabilitation |
CLO
August 12, 2009 - The Conservation & Liquidation Office (CLO) has recently been receiving a number of phone calls requesting information about INSCORP. This company was placed in rehabilitation in New York under the supervision of the New York Liquidation Bureau. A rehabilitation order in New York means that the company is impaired, but the company is still in business, and any claims against an INSCORP policy should be reported to the company through normal channels. ...
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| 2009 Semi-Annual Report |
CLO
June 30, 2009 - the Conservation and Liquidation Office is responsible for the 25 insolvent insurance estates. Consistent with the CLO's 2009 Business Plan Goals and Strategic Timeline Report, the following is the 2009 Semi-Annual Update Report. This report summarizes the results of the first two quarters of 2009 and summarizes the remaining objectives for 2009.
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| 2008 Annual Report |
CLO
May 7, 2009 - The following report summarizes the activities of the Conservation & Liquidation Office (CLO), and displays Estates opened and closed during 2008 and Estates open at December 31, 2008. ...
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| Remaining Settlement Proceeds of Altus Litigation Funds Transferred to Aurora |
Executive Life Insurance Company
July 5, 2007 - Remaining Settlement Proceeds of Altus Litigation Funds were transferred to Aurora today for distribution to ELIC Opt-in policyholders in the fall 2007.
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