Interco Underwriters Exchange and its Attorney-in-Fact were placed into conservation after its officers requested a joint conservatorship. A subsequent review of the Exchange's books and records revealed that the company was going to be insolvent. The Exchange insured a number of truck lines, taxicabs and car rental companies. The California Insurance Guarantee Association paid all policy claims.
All remaining available assets have now been distributed to the California Insurance Guarantee Association, to reimburse the guaranty fund for claims paid on behalf of Interco. This action was approved by the Los Angeles Superior Court on March 18, 2003 when the application to close the estate was approved. No future action is planned on this estate.
