Missouri receivership cases end for 2 insurers
Friday, January 11, 2013
JEFFERSON CITY, Mo. (AP) — Court oversight of two financially troubled insurance companies has finally come to an end in Missouri.
The state insurance department says receiverships have been closed for Transit Casualty Co. and International Financial Services Life Insurance Co.
Receivership is a legal step in which a court appoints the state to take control of a financially troubled insurer to pay claims by using the company's assets.
Transit Casualty went into receivership in November 1985. The department says it was able to pay 87 percent of claims using company assets, with the rest covered by insurance guaranty associations.
The department also says it was able to pay all of the claims against International Financial Services, which went into receivership in May 1999.
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