Standard & Poor’s assigned its “R” financial strength rating to First Nevada Insurance Co. (FNIC). S&P took this rating action after learning that Judge Janet Berry of the Second Judicial District Court of the State of Nevada issued an order placing FNIC into liquidation, in response to a motion filed by Nevada Insurance Commissioner Alice A. Molasky-Arman as the court found FNIC to be statutorily insolvent and unable to be rehabilitated. FNIC, licensed only in Nevada, received its certificate of authority as a property/casualty insurer from the Nevada Division of Insurance in June 1995.
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