Amidst charges of unapproved and uncollateralized loans to affiliates, unapproved property transfers, the California Department of Insurance’s Conservation and Liquidation Office says it is drafting a unilateral “rehabilitation” plan for California Insurance Company (CIC). The plan will transfer its policies to another carrier and resolve the numerous filed lawsuits pending between Applied Underwriters / CIC and their former insureds. The plan will also force the carrier to surrender its California certificate of authority.
Read Nick Roxborough’s thoughts here.
