The New Hampshire Insurance Department and the Board of Directors of ACA Assurance jointly announced that ACA Assurance has temporarily been placed in rehabilitation.
ACA Assurance is a Manchester, N.H.-based fraternal benefit society established in 1896 with the mission of promoting the union of persons of French Catholic ancestry in North America and the
preservation of the French language and culture. The society provides insurance benefits to its members.
ACA Assurance will remain in operation during the rehabilitation and will continue to underwrite and issue policies and pay claims.
Officials hope the rehabilitation will assist the insurer in getting its insurance operations back onto a strong footing. It will involve a review of the company’s books and operations, as well as the development of a plan for moving forward. The department has asked the board of directors to remain in an advisory capacity during this period.
The New Hampshire Insurance Department said it will be in contact with the company’s other U.S. and Canadian regulators to explain the purpose of the rehabilitation and to seek their cooperation in getting the Society back on a strong footing.
“ACA Assurance has been struggling, in recent months, with some accounting errors and with excessive operating expenses that will not be sustainable in the long run,” said Alex Feldvebel, deputy insurance commissioner in a statement. “The department’s goal for the rehabilitation is to quickly analyze the operations and make the necessary adjustments to assure the continued stability of the Society. ACA is a highly- valued New Hampshire institution with a long history and a large membership base in both the US and
“The board of directors is committed to maintaining ACA Assurance as a strong fraternal benefit society. We are fully supportive of
the department’s work, and we think this will leave the society in a much stronger position. We are gratified to be able to continue to serve our policyholders and members as we have done for 110 years.” commented Serge Beaudoin, chairman of ACA’s board of directors.
Source: New Hampshire Insurance Department
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