First Nevada Insurance Co. has been ordered into liquidation by a judge in the Second Judicial District Court of Nevada in response to a motion filed by Nevada Insurance Commissioner Alice Molasky-Arman.
The court found FNIC to be statutorily insolvent, and unable to be rehabilitated. The court further found the company unable to continue in business without a material increase of risk of loss to the insurer’s creditors or policyholders.
FNIC was licensed only in Nevada for commercial multi-peril policies and substandard automobile policies. The liquidation order directs that all policies issued by FNIC that are currently in effect shall continue in force for thirty days from the date of entry of the court’s order, until the expiration date of the policy coverage or until the insured finds replacement coverage. FNIC was organized as a Nevada corporation in 1995.
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