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BILL LOCKYER
Attorney General of the State of California
RANDALL P. BORCHERDING
Supervising Deputy Attorney General
ANNE MICHELLE BURR
Deputy Attorney General
DAVID LEW
Deputy Attorney General
State Bar No. 77186
1515 Clay Street, Suite 2000
P.O. Box 70550
Oakland, CA 94612-0550
Telephone: (510) 622-2225
Facsimile: (510) 622-2121
Attorneys for Applicant Insurance Commissioner of
the State of California
SUPERIOR COURT OF CALIFORNIA
COUNTY OF SAN FRANCISCO
INSURANCE COMMISSIONER OF THE STATE
OF CALIFORNIA,
Applicant,
v.
HIH AMERICA COMPENSATION & LIABILITY
INSURANCE COMPANY, a California domiciled
Insurance Company,
Respondent.
NO. 320049
ORDER
GRANTING VERIFIED
APPLICATION FOR ORDER
AUTHORIZING PROPOSAL
TO DISBURSE ASSETS TO
STATE INSURANCE
GUARANTY ASSOCIATIONS
OR FUNDS
Applicant Insurance Commissioner of the State of California's verified application for
having come before this Court in Department 301 on June 28, 2004, and the Court having considered the motion, and GOOD CAUSE APPEARING, THE COURT MAKES THE FOLLOWING ORDER:
The Commissioner's proposal to distribute assets of the estate of HIH America in the amount of $25,000,000 to various state insurance guaranty associations or funds, as set forth in the Attachment to this Order, is APPROVED.
The Commissioner's proposal to transfer the assets of the estate of HIH America in the amount of $25,000,000 to various state insurance guaranty associations or funds, as set forth in the Attachment to this Order, is APPROVED.
The Order approving the transfer to assets to each of the state insurance guaranty associations or funds, as set forth in the Attachment to this Order, shall be subject to the execution of an agreement with each guaranty association or fund to return the distributed assets, as required, to pay claims of secured creditors and claims falling within the priorities established in Insurance Code section 1033, subdivisions (a)(l) and (a)(2).
The Commissioner's proposal to release to the California Insurance Guarantee
of all deposits of HIH America in the State of California and to be taken as an offset of the distribution to the California Insurance Guarantee Association pursuant to Insurance Code section 1035.5, subdivision (d), is APPROVED.
The Commissioner shall take any and all action necessary to accomplish the purposes of the Order requested herein.
JUN 28 2004
JAMES L. WARREN
Judge of the Superior Court
ATTACHMENT TO ORDER
The Commissioner shall distribute and pay each guaranty fund the following amount:
1.
State Compensation Fund of Arizona
$0
2.
California Insurance Guarantee Association
$16,593,367
3.
Colorado Insurance Guaranty Association
$722,866
4.
Florida Workers' Comp. Ins. Guaranty Assn.
$115,604
5.
Hawaii Insurance Guaranty Association
$1,150,329
6.
Illinois Insurance Guaranty Fund
$2,881,408
7.
Indiana Insurance Guaranty Association
$157,642
8.
Iowa Insurance Guaranty Association
$4,869
9.
Kentucky Insurance Guaranty Association
$62,319
10.
Michigan Property & Casualty Guaranty Assn.
$2,040,991
11.
Missouri Prop. & Casualty Ins. Guaranty Assn.
$0
12.
Nebraska Property & Liability Ins. Association
$38,496
13.
Nevada Insurance Guaranty Association
$252,820
14.
Oregon Insurance Guaranty Association
$0
15.
Texas Property & Casualty Guaranty Ins. Association
