Search    In The News Department of Insurance Announces Jury Declines to Award Damages Executive Life Insurance Company October 29, 2012 - Department of insurance announces jury declines to award damages in longstanding Executive Life case - next steps being evaluated Today a jury in United States District Court in Los Angeles rendered a verdict finding no damages in a longstanding lawsuit involving the 1991 insolvency of Executive Life Insurance Company of California (ELIC), one of California's largest life insurance companies at the time. ELIC was taken into receivership by then-Insurance Commissioner John Garamendi when the company became insolvent. The Insurance Commissioner then began management of the ELIC estate in an effort to secure proceeds for policyholders of the now insolvent insurance company. After a first trial in 2005, a jury found that Artemis S.A., a French company, participated in a conspiracy to defraud then-Insurance Commissioner John Garamendi in connection with Artemis'... Read More... Request for Proposals Majestic Insurance Company July 18, 2012 - The California Insurance Commissioner as Conservator of Majestic Insurance Company is seeking for interested parties to submit offers for the company's corporate shell. All proposal submissions are due by August 31, 2012 at 4:00 PM PDT.... Read More... Interim Distribution Frontier Pacific Insurance Company An application for an interim distribution of estate assets of Frontier Pacific Insurance Company in Liquidation is scheduled for a hearing on June 22, 2012. Please click here to view the Application for Distribution. Any objection to the distribution must be filed in Department 71 of the Superior Court of the State of California, County of San Diego by June 11, 2012. If no objections are filed and Order for Distribution is approved by the Court on June 22, 2012, we anticipate the distribution will take place in July 2012. Read More... POC Mailing American Sterling Insurance Company Potential creditors of American Sterling Insurance Company should be receiving Proof of Claim forms in the mail shortly. The mailing is taking place on February 17, 2012. Potential creditors are required to complete the claim form if they have a claim against American Sterling that is not covered by a Guaranty Association. For more information see the American Sterling information in the "Companies" section. Read More... 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... © Copyright 2013 Conservation & Liquidation Office | Contact Us | Links | Site Map | Disclaimer