Calif. Commissioner Obtains Order of Liquidation for Alistar Ins. Co.

California Insurance Commissioner Harry Low obtained an Order of Liquidation for Alistar Insurance Company based on the worsening financial condition of the company. Alistar, which is domiciled in California, is headquartered in Fresno.

Since Commissioner Low’s appointment as Conservator on April 11, 2002, he confirmed that Alistar’s financial condition, as discovered in a limited financial examination concluded on March 21, 2002, revealed that Alistar’s net surplus was $3,070,099 less than the amount required by California law. Further, Commissioner Low has not discovered any additional assets that could reasonably lead to rehabilitation.

Therefore, pursuant to the Order of Liquidation, Commissioner Low will proceed to liquidate the business of Alistar. The company wrote workers’ compensation, surety and non-standard auto insurance.

Topics California