SACRAMENTO, Calif. (AP) California regulators moved Friday to take over an insurance company that cant pay out all claims following a massive wildfire that destroyed more than 13,000 homes.
Merced Property & Casualty Company was pushed to insolvency by the fire that sparked Nov. 8 and nearly destroyed Paradise and surrounding towns, state Insurance Commissioner Dave Jones said.
The department doesnt know how many people the company insured or the total amount of claims following the fire, spokeswoman Nancy Kincaid said. But people will still have their claims paid through the California Insurance Guarantee Association.
Protecting Camp Fi…
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