Regis Insurance Company, a Pennsylvania-domiciled insurance company, was recently issued an order of liquidation by the Commonwealth Court of Pennsylvania.
Regis, a writer of small commercial business based in Paoli, Pennsylvania, was licensed in and domesticated in Pennsylvania in 1979. The company is licensed only in Pennsylvania but did business in several other states within the surplus lines market. At the time of liquidation effective Oct. 30, 2015, there were no active policyholders remaining, said Pennsylvania Insurance Department spokesman Ronald Ruman.
The types of business sold included: boiler and machinery, burglary and theft, elevator, glass, inland marine and physical damage, other liability, property and allied lines, and water damage.
At the time of liquidation, notices were sent to 2,500 interested parties, including general creditors, claimants and past policyholders, said Ruman. The notice included a proof of claim form, and specified a claims filing deadline of June 27, 2016.
“At this point in time the company reports 35 outstanding claims totaling about $450,000 with all but one claim being from former Pennsylvania policyholders. All Pennsylvania claims will have Guaranty Fund protection for up to $300,000 per claim,” he said. One non-Pennsylvania claim is from a former Alabama policyholder and that claim was sent to the Alabama Guaranty Association.
Based on an A.M. Best rating downgrade a few years ago, Regis went into voluntary run-off over two years ago and the termination of the last policy occurred over a year ago. With the filing of the company’s June 30, 2015, financial statement, the capital and surplus was shown as ($226,253) with total assets being $623,705.
Was this article valuable?
Here are more articles you may enjoy.