January 30, 2006 - Court Grants Commissioner's Order Approving Verified Application For Order Authorizing Proposal For Early Distribution of Assets to State Insurance Guaranty Association or Funds.
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BILL LOCKYER
Attorney General of the State of California
RANDALL P. BORCHERDING
Supervising 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.
GREAT STATES INSURANCE COMPANY, a
California domiciled insurance company,
Respondent.
NO. 320047
ORDER
APPROVING VERIFIED
APPLICATION FOR ORDER
AUTHORIZING PROPOSAL
FOR EARLY DISTRIBUTION
OF ASSETS TO STATE
INSURANCE GUARANTY
ASSOCIATIONS OR FUNDS
Applicant Insurance Commissioner of the State of California's verified application for order authorizing proposal for early distribution of assets to state insurance guaranty associations or funds, having come before this Court in Department 301 on January 30, 2006, and the Court having considered the motion, no opposition having been filed, 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 approximately $5,000,000 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 shall take any and all action necessary to accomplish the purposes of the Order requested herein.
Dated:
JAN 30 2006
JAMES L. WARREN Judge of the Superior Court
ATTACHMENT TO ORDER
The Commissioner shall distribute and pay each guaranty fund the following amount:
1.
Special Fund of The Industrial Commission of Arizona
$564,557
2.
California Insurance Guarantee Association
$2,134,738
3.
Colorado Insurance Guaranty Association
$2,147,228
4.
Illinois Insurance Guaranty Fund
$18,620
5.
Nevada Insurance Guaranty Association
$111,259
6.
New Mexico Property & Casualty Ins. Guaranty .Assn.
$0
7.
Texas Property & Casualty Ins. Guaranty Association
