Golden State Mutual Life Insurance Company Rehabilitation Plan
The Insurance Commissioner of the State of California as Conservator ("Conservator") of Golden State Mutual Life Insurance Company ("Golden State Mutual") has entered into a comprehensive rehabilitation plan and agreements with IA American Life Insurance Company ("IA American"), subject to court approval, which will preserve and maintain the value, continuous coverage and contractual benefits for the holders of in-force life, health and disability insurance policies and annuity contracts issued by Golden State Mutual.
The rehabilitation plan and the agreements forming the plan are collectively referred to as "Rehabilitation Plan." The Rehabilitation Plan and agreements forming the plan provide that holders of Golden State Mutual's in-force life, health and disability policies and annuity contracts will become policy and annuity contract holders of IA American under an express assumption of their policies and annuity contracts as modified by an Assumption Endorsement. As a result of this assumption, all claims for contractual life, health and disability insurance policy and annuity contract benefits will be deemed satisfied by the assumption and IA American will be solely responsible to pay all claims on the policies and contracts.
The Rehabilitation Plan, the Conservator's Application to the Los Angeles Superior Court for an order approving the plan, declarations supporting the Conservator's Application, and the agreements forming the Rehabilitation Plan are identified below. By clicking on the below documents, you will be directed to the documents.
If you have any questions, please continue to call Golden State at 1-800-CALL-GSM, Ext 4. We also encourage you to periodically check this website for updates.
