California Takes Over Failed Insurer
December 5, 2018
The California Department of Insurance announced that it has seized the assets and legal control of Merced Property & Casualty Company, an insurance that company that shut down after being overwhelmed with claims stemming from policyholders who suffered losses in the recent Camp Fire.
The Department’s Conservation and Liquidation Office is managing the transfer of the company’s claims handling to the California Insurance Guarantee Association, which pay claims of insolvent insurance companies. Current policies with the defunct company will remain in effect for 30 days, while the Department asked policyholders to immediately seek coverage with another insurer.
“California law gives us the authority to take over insurance companies that face insolvency,” said Insurance Commissioner Dave Jones. “Protecting Camp Fire policyholders who have already suffered through so much was my first consideration. We are moving aggressively to take the necessary legal action to take control of the company and to trigger the state law enabling the California Insurance Guarantee Association to immediately begin the process of evaluating losses and paying claims.”
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