California Insurance Commissioner Harry Low has conserved National Automobile & Casualty Insurance Company as a result of its insolvency. Domiciled in California and headquartered in Pasadena, the company is a wholly owned subsidiary of Missouri Physician’s Group Holding Company, Mo.
In its move to conserve the company, the CDI relied upon the company’s Dec. 31, 2001, Annual Statement and a recent financial study of the company to acquire a Conservation Order from the Los Angeles Superior Court. National Auto’s Annual Statement reported that the company is insolvent in the area of $1.6 million.
National Auto handled the majority of its business in California, however doing business in other states too. The company has been writing primarily private passenger auto liability and auto physical damage insurance.
The Conservation and Liquidation Office will manage the conserved company and the offices of National Auto will remain open during normal business hours.
The CDI stated that during the conservation process, all claims will be paid in full and on time without interruption in policyholder coverage.
Topics California Auto Casualty
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