On May 8 the New Hampshire Insurance Department announced that Commissioner Paula T. Rogers has filed a Petition with the Superior Court of Merrimack County for her appointment as Liquidator of The Home Insurance Company. A hearing on the Petition is scheduled for June 9.
“The Home has not written any new business since 1995 and has been operating under the control of the Commissioner, as Rehabilitator, since the Court entered an Order of Rehabilitation on March 5, 2003. Commissioner Rogers previously sought the Order of Rehabilitation in response to adverse effects on The Home from development of losses from commercial casualty coverage written years ago, particularly asbestos and workers compensation exposures,” said the bulletin.
It added that Rogers has “engaged an international actuarial consulting firm to assist her in evaluating The Home’s loss reserves.” Following receipt of the report, the Commissioner determined that “Home’s liabilities exceed its assets and that The Home is therefore insolvent,” and accordingly filed the Petition to place The Home in liquidation.
The announcement said that “Workers compensation and automobile personal injury protection claims, as well as Canadian policyholder claims will continue to be paid, but the payment of all other Home claims had been suspended.”
It noted that “The period between the filing of the petition and the Court hearing will allow the Commissioner to arrange a smooth transition of claims administration to guaranty funds, and that contemporaneously with the filing for The Home, the Commissioner also filed a Petition for her appointment as Liquidator of US International Reinsurance Company, a wholly owned reinsurance subsidiary of The Home.” Its primary assets are receivables due from The Home and reinsurance ceded to The Home.
The Commissioner also presented a petition on May 8 in London, England “in order to wind up the business of The Home’s operations there.” The announcement also indicated that “An application seeking the appointment of joint provisional liquidators has also been filed. The Commissioner’s goal is worldwide equivalent treatment for claimants of The Home.”
Topics Homeowners
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