Two Insurance Firms Barred From State: Insurance...
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Two Insurance Firms Barred From State: Insurance Commissioner Roxani Gillespie has ordered two Illinois insurers to stop doing business in California. Following a financial review, the Department of Insurance alleges that both companies, Mead Reinsurance and Amalgamated Labor Life, are threatened with insolvency. Department adjustments to Mead’s financial reserves show a negative policyholder surplus of more than $47 million, with further estimated reserve shortages from $50 to $100 million. The Department order against Amalgamated Labor Life follows action by the state of Illinois in May placing the company under a notice of impairment. A financial review by Illinois regulators reduced a reported $3 million policyholder surplus to a negative $2 million.
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