Three U.S. states have joined a lawsuit that challenges the constitutionality of the 2010 Dodd-Frank law that overhauled U.S. financial oversight and created the Consumer Financial Protection Bureau. The attorneys general of Michigan, Oklahoma and South Carolina are challenging a …
A New York judge on Monday approved a plan to liquidate the long-insolvent Executive Life Insurance Co of New York and pay out most of the money owed to beneficiaries under the company’s life insurance policies. The plan proposed by …
The Pennsylvania Insurance Department Commissioner Michael Consedine announced last week that the Commonwealth Court has approved the department’s petition to liquidate First Sealord Surety Insurance. First Sealord, a bond and surety company based in Villanova, Penn., had experienced a steep …
Ohio Lt. Governor and Department of Insurance Director Mary Taylor announced the successful completion of The Physicians’ Assurance Corp. (TPAC) liquidation proceeding. TPAC was ordered into liquidation on Aug. 18, 2009. The Ohio Department of Insurance worked with Ohio health …
A Florida judge has ordered a homeowners’ insurer to shut its doors and hand its business affairs over to the state after state regulators found it no longer has enough money to pay its bills. Florida’s Division of Rehabilitation and …
Two Florida insurers are facing regulatory action as the state’s Office of Insurance Regulation (OIR) ordered commercial insurer AequiCap Insurance Co. into liquidation and suspended the license of insurer Seminole Casualty Insurance Co. The Fort Lauderdale-based AequiCap was taken over …
A.M. Best Co. reported it has downgraded the financial strength rating to F (In Liquidation) from D (Poor) and issuer credit rating to “rs” from “c” of Constitutional Casualty Co. (Constitutional), based in Chicago, Ill. On Jan. 7, 2011, Illinois …
