Shenandoah Life Insurance Inc. has been placed into receivership following the cancellation of a merger with another company.
State Commissioner of Insurance Alfred Gross said that the Virginia State Corporation Commission placed the Roanoke insurer in receivership “in an effort to rehabilitate the company.”
No new insurance policies will be written but health, accident and death claims and annuity payments will be paid.
The announcement came a day after Shenandoah announced that American United Mutual Insurance Holding Company had terminated its merger with Shenandoah. American United’s units do business as OneAmerica Financial Partners.
In November, Shenandoah Life reported losing $60 million during the first nine months of 2008.
___
Information from: The Roanoke Times, http://www.roanoketimes.com
Jennie Hunter says: 
norm Newcomb says: 
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
