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EVELLE J. YOUNGER, Attorney General
ARTHUR C. DE GOEDE,
EDMOND D. MAMER,
Deputy Attorneys General
3580 Wilshire Boulevard
Los Angeles, California 90010
Telephone: 620-3074
Attorneys for Applicant
SUPERIOR COURT OF THE STATE OF CALIFORNIA
FOR THE COUNTY OF LOS ANGELES
INSURANCE COMMISSIONER OF THE
State of California,
Applicant,
v.
SIGNAL INSURANCE COMPANY,
a California corporation,
Respondent.
NO. C136919
ORDER APPOINTING
CONSERVATOR
AND
RESTRAINING ORDER
The verified Application of the Insurance Commissioner of the State of California, having been filed herein and it appearing to the Court from said Application that respondent herein is in such a condition that it is insolvent within the meaning of the Insurance Code and that its further transaction of business will be hazardous to its policyholders, its creditors, and to the public,
IT IS HEREBY ORDERED:
That the Insurance Commissioner of the State of California, applicant herein, is hereby appointed Conservator of Signal Insurance Company, respondent herein, and is directed as such Conservator to conduct the business of respondent or so much thereof as to the applicant may seem appropriate; and applicant is authorized as such Conservator in his discretion to pay or defer payment of all proper claims and obligations against respondent accruing prior to or subsequent to his appointment as Conservator;
That said Conservator forthwith take possession of all of respondent's assets, books, records and property, both real and personal, wheresoever situated;
That there is hereby vested in said Conservator and his successors in office title to all of the property and assets of said respondent, and all persons are enjoined from interfering with said Conservator's possession and title thereto;
That said respondent, its officers, directors and agents and employees are hereby enjoined from transacting any of the business of respondent, and from disposing of any of respondent's property or assets until further order of this court;
That all persons are enjoined from instituting or maintaining any action at law or suit in equity including but not limited to matters in arbitration, against said respondent or against said Conservator of said respondent, and from attaching or executing upon or taking any legal proceeding against any of the property of respondent, and from doing any act interfering with the conduct of said business by the conservator, except after an order from this Court obtained after reasonable notice to the conservator;
That all officers, directors, agents and employees of respondent deliver to the conservator all assets, books, records, equipment and other property of respondent;
That all funds in bank accounts in the name of respondent in various banks in the State of California, and in other banks wheresoever situated are hereby vested in the conservator and subject to withdrawal upon his order only;
That any and all agents of respondent and all brokers who have done business for respondent make all remittances of funds collected by them or in their hands directly to the applicant as conservator;
That the conservator is authorized to pay all reasonable costs of operating respondent as conservator out of the funds and assets of said respondent;
That all persons having possession of any lists of policyholders of respondent deliver all such lists to the conservator; that all persons are enjoined from using any of such lists or any information contained therein without the consent of said conservator;
That the conservator is authorized to initiate such legal or equitable actions in this or other states as he may deem necessary to carry out his duties as conservator of respondent, Signal Insurance Company.
