On March 1, 2016, Affirmative Insurance Co. was declared insolvent by at least $31 million by Acting Illinois Insurance Director Anne Melissa Dowling, who filed with the Illinois Supervising Court a Complaint for Liquidation with a Finding of Insolvency against the insurer.
A hearing on the complaint for liquidation is set for March 24.
The insurer operates in the non-standard auto insurance marketplace. As a result of the liquidation filing, a moratorium was placed on any further claim payments by the Affirmative, including the return of unearned premium. The moratorium was effective March 1.
Claim checks and other payments that were issued by the Rehabilitator and mailed through Feb. 29, 2016, will continue to be honored by AIC…
Read the full article at: http://www.insurancejournal.com/news/midwest/2016/03/22/402603.htm