A Texas State District Judge has signed an order placing Bankers Commercial Life Insurance Co. of Dallas in temporary receivership. The company, founded in 1955, writes primarily Medicare supplement insurance and has approximately 23,000 policyholders. The company did not oppose the order, which freezes its bank accounts and other assets and appoints Insurance Commissioner Jose Montemayor as receiver for the company. The petition for court-ordered receivership states that Bankers liabilities exceed its assets by more than $4 million.
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