A Roanoke, Va.-based insurance company is no longer in receivership.
The State Corporation Commission announced Tuesday that it ended Shenandoah Life Insurance Company’s receivership because of a successful rehabilitation plan.
The decision means Shenandoah Life can manage its affairs and resume possession of its property. The insurer also can resume writing new policies.
The SCC placed Shenandoah Life into receivership on Feb. 12, 2009 because of its financial condition.
In December 2011, policyholders voted to convert the company from a mutual life insurer to a stock insurance company under the control of United Prosperity Life insurance Company.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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