South Carolina Insurance Co., part of the Columbia-based Seibels Bruce group, has been declared insolvent by state insurance regulators and will be liquidated.
The company and its subsidiary, Consolidated American Insurance Co., has been closed by a court-appointed receiver called in to settle all claims and obligations.
According to a Department of Insurance spokesperson, South Carolina Insurance stopped writing and renewing policies about three years ago in 45 states.
No claims exist in South Carolina, but policies could be called in within a handful of other states with environmental coverage and workers’ compensation claims.
The insurance department will pay off such claims with whatever money is left. When that runs out, last-resort guaranty funds in states where claims surface will kick in to cover policyholders.
The insurer’s 2004 annual statement showed the company carrying a deficit of $2.3 million, compared with a $4.4 million surplus the year before.
Topics South Carolina
Was this article valuable?
Here are more articles you may enjoy.
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
US P/C Posts $35B YTD Underwriting Gain; By-Line Premium Growth Revealed 
Louvre Tightens Security After $102M Jewel Heist, Installs Bars on Infamous Window 
Grand Jury Declines to Indict Man in Fatal Shooting at Kentucky State University From This Issue
