Oklahoma Insurance Commissioner Kim Holland placed Top Flight Insurance Company, an auto insurance carrier with offices in Arlington, Texas, in permanent receivership following a May 20 hearing on the company’s financial condition.
Top Flight had been in temporary receivership since early May 2005 at which time the Oklahoma Insurance Department reported it believed Flight to be insolvent by approximately $3.5 million. The department said Top Flight’s annual reports indicate that a managing general agent, Source General Agency Inc. of Oklahoma City, carried out the company’s business and received premiums on its behalf.
“Top Flight is going straight into liquidation, because there is no realistic hope of salvaging the company,” Holland said. “We want to make certain there is no major disruption for policyholders. Even though the company does not have funds available to pay claims, the Oklahoma Property and Casualty Insurance Guaranty Fund will financially back the coverage promised by the policies.”
All policies will be canceled in the next 30 days, and policyholders will receive a proof of claim form. Consumers may call the Office of the Assistant Receiver at (405) 947-0022 for additional information.
Source General Agency also is in receivership and is being liquidated, Holland said.
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