On March 6, 2000, the Los Angeles Superior Court appointed the Commissioner as Conservator of Superior National Insurance Company, Superior Pacific Casualty Company, California Compensation Insurance Company, and Combined Benefits Insurance Company. On June 9, 2000, the Court appointed the Commissioner as Conservator of Commercial Compensation Casualty Company. On September 26, 2000, the Court appointed the Commissioner as Liquidator for these five insurance companies (collectively, the "Superior National Insurance Companies in Liquidation" or "SNICIL"). The value of the property and assets of the SNICIL entities exceeded approximately $1.4 billion.
The Insolvent Companies' offices were closed and on September 30, 2003, the Insolvent Companies remaining operations were consolidated into the Commissioner's Conservation and Liquidation Office located in San Francisco ("CLO").
All litigation concerning the SNICIL companies has now concluded, the overseeing Superior Court has ordered that all claims against any of the Superior National companies had to be liquidated by June 30, 2019, and reported to the liquidator by Aug. 30, 2019, in order for those claims to be considered by the estate in the final distribution of estate assets. No new claims are being accepted by the estate, but most states allow late filed Workers Compensation claims to be considered for payment by their respective Insurance Guaranty Fund.
The Liquidator is finalizing claim determinations on all five of the Superior estates and contemplates a final distribution to occur within the next twelve months. While distributions in all five estates should occur simultaneously, each estate will distribute based on its own financial situation; thus distributions will be calculated on varying percentages of the approved claim amounts depending on which of the five Superior estates has approved the claim.
