Alabama-based Booker T. Washington Insurance Company has voluntarily submitted to being placed into receivership in Jefferson County Circuit Court, Commissioner Walter A. Bell announced.
“I am pleased with the leadership of Booker T. Washington Insurance Com-pany for working with us on this step,” an announcement by Commissioner Bell said. “We will all work together with the aim of rehabilitating this company.”
An examination of Booker T. Washington’s accounts by the Alabama Department of Insurance revealed that the company is insolvent by $4.3 million.
However, the department says consumer’s claims will continue to be paid and that policyholders should continue to pay premiums in order to guarantee coverage.
Company officers and Insurance Department attorneys appeared in Jefferson County court together asking the judge to issue a receivership order.
The company has been placed in the hands of the Denise B. Azar, Receiver of the Alabama Department of Insurance. Azar will serve as the court-appointed administrator of the company until detailed accounting procedures are completed and a process is decided upon which will either rehabilitate or liquidate the company.
“I am very hopeful and opitmistic that we can rehabilitate this company and am eager to work with company officials to do so,” Azar said. “The cooperation that we have received from the management team has been outstanding in this very important time.”
Topics Washington Alabama
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