An Illinois company was declared insolvent and placed into liquidation by the Circuit Court of Cook County, Ill. Associated Physicians Insurance Co. (APIC) of Oak Brook has been in runoff since 1995, and has not written new business since January of that year.
The Agreed Order was given in response to a petition filed by Illinois Director of Insurance Nat Shapo, based on the Department’s discovery that the company’s policyholders surplus was impaired in excess of $1 million.
Having begun operations in 1987, APIC is a wholly owned subsidiary of Associated Physicians Capital, Inc., an Illinois holding company which is licensed in nine states. The company, however, was mainly concentrating its business writings in Illinois when it entered run off.
The covered claims of Illinois residents will be protected by the Illinois Property and Casualty Guaranty Fund.
Topics Illinois
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