Conservation and Liquidation Office

	In The News

Order Authorizing Proposal for Fourth Early Access Distribution of Assets to State IGAs and Non-Covered PolicyHolders
HIH America Comp. & Liability Ins. Co. In a court order dated November 2, 2011, HIH Insurance Company was authorized to make a distribution to state Insurance Guaranty Associations and non-covered policyholders. The total distribution will be $50,381,120 to 7 IGAs and 180 non-IGA policyholders. The distribution will bring the payout up to a percentage of 52% of the paid losses. ... Read More...
Conservation Order
Majestic Insurance Company On April 21, 2011, the Insurance Commissioner of the State of California (the "Commissioner") was appointed by the Superior Court of San Francisco as Conservator of Majestic Insurance Company (the "Company") pursuant to Section 1011 of the California Insurance Code. The Conservation Order authorizes and empowers the Commissioner, through his Conservation & Liquidation Office, to conserve Majestic and its assets for the benefit of Majestic's policyholders, claimants, creditors and shareholder. The Conservation will not cause any disruption or delay in the delivery of workers' compensation benefits to injured workers covered under Majestic policies. Policyholders are encouraged to pay their premiums. The Commissioner has simultaneously filed a Plan of Rehabilitation for the Company. As part of the Plan of Rehabilitation, the Company and AmTrust North America, Inc. ("AmTrust") have... Read More...
Golden State Mutual Update
Golden State Mutual Life Insurance Company Golden State Mutual Update On January 28, 2011 the Los Angeles Co. Superior Court approved the liquidation of Golden State Mutual Insurance Company. The residual assets of Golden State Mutual are currently being examined to determine if a Proof of Claim process is feasible. If you believe you have a monetary claim against Golden State Mutual and wish to request a Proof of Claim form and instructions, please call 1-877-595-2379 x5016 or send an email to gsm@caclo.org. Please include your full name and address. We will add you to the Proof of Claim mailing list and you will be sent the materials if the Proof of Claim process goes forward. Read More...
ELIC Update
Executive Life Insurance Company On April 11, 1991, at the request of the California Department of Insurance, the Superior Court of the State of California for the County of Los Angeles, through a court order, appointed the Insurance Commissioner of the State of California, as conservator of Executive Life Insurance Company (ELIC). The Court Order grants the Commissioner a broad range of discretionary authority, and provides the Commissioner the ability to, among other things, conduct the business of ELIC, dispose of any or all of the Company's assets and liabilities, and act in all ways and exercise all powers necessary for the purpose of carrying out the Court order. Commencing in April 1991, the Commissioner initiated actions to rehabilitate ELIC to protect the long-term interest of all its policyholders. In August 1991, the Commissioner in his capacity as Rehabilitator (the Rehabilitator), New California Life... Read More...
Superior National Insurance Companies Send Mass Mailing to All Approved Creditors
Superior National Insurance Companies Preparatory to a planned distribution in the first quarter of 2011, the Superior National Insurance Companies have mailed letters to all approved creditors to notify them of the distribution. The mailing is designed primarily to verify the proper current address of all approved creditors. If a creditor receives the mailing as addressed, nothing further need be done. If the creditor receives the mail at a different address, then a change of address form need be completed. Finally, if the Post Office returns the mail, we will research and attempt to determine a proper new address for the creditor. For further information see Instructions for the Superior National Companies "Notice of Intent to Distribute" Mailing on 8/27/2010.
Order Approving Final Distribution
Citation General Insurance Company 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. ... Read More...
Order Approving Mission Insurance Company Distribution of $58.2 Million to Creditors
Mission Insurance Company In a court order dated August 13, 2010, Mission Insurance Company was authorized to make a distribution to approved creditors. This distribution will bring general creditors up to a dividend of 50%, creditors with an approved proof of claim of $100 or less up to 100% as a final distribution, and general creditors with an approved claim of $10,000 or less to a final distribution percentage of 75%. The total distribution of $58,260,312 will be scheduled for September 30, 2010. For more information see Order Granting Motion to Approve Distribution to General Creditors. In addition, the record date for any notice of assignments is set for September 1, 2010. For more information see our Proof of Claim Assignment instructions page.
Request for Proposal Deadline Extended to August 31, 2010
Golden State Mutual Life Insurance Company Due to continuing interest in the art collection and historical materials owned by Golden State Mutual Life Insurance Company in Conservation ("GSM"), currently for sale pursuant to the Request For Proposals ("RFP") dated June 25, 2010, the Insurance Commissioner of the State of California in his statutory capacity as Conservator of GSM ("Conservator") has extended the deadline to submit proposals for the purchase of GSM's art collection and historical materials to Tuesdav, August 31, 2010, bv 4:00 p.m., PDT. Read More...
Order Granting FIC Rehabilitator's Motion to Dismiss FPIC Liquidator's Petition for FIC Liquidation
Frontier Pacific Insurance Company July 15, 2010 - The New York Liquidation Court dismissed the petition to liquidate Frontier Insurance Company (FIC), the parent company of Frontier Pacific Insurance Company (FPIC) on the grounds that only the Superintendant of Insurance under NY law has that authority. However, the Court finds it necessary to examine the progress of the Rehabilitator, order that the Rehabilitator come up with a rehabilitation plan for restoring FIC to solvency and give Interested Parties an opportunity to be heard regarding the Rehabilitators prior efforts and future plans. ... Read More...
ELIC Opt-Out Trust Update
Executive Life Insurance Company The Opt-Out Trust receives approximately 33% of Executive Life Insurance Company ("ELIC") assets which are distributed to approximately 27,300 former ELIC policyholders ("Opt-Outs") who elected to terminate their policies. A distribution of $211 million of Altus Litigation Funds was made to Opt-Out policyholders in February 2006. Presently the remaining assets of the Opt-Out Trust consist of (1) distributions allocated to policyholders with whom contact has been lost, in most cases due to bad addresses (funds for those for whom contact has been lost will be escheated to the last known state of residence), and (2) the settlement proceeds of Mutuelle Assurance Artisinale De France ("MAAF") (one-third of the recovery of a default judgment in the name of defendant, MAAF) which became available for distribution to Opt-Out policyholders. As the costs to effect a distribution of this size... Read More...