Wisconsin Insurance Commissioner Mark Afable has filed a petition and proposed court order that would allow the Wisconsin Office of the Commissioner of Insurance (OCI) to place Time Insurance Co. in rehabilitation.
Time Insurance has close 200,000 policyholders for long-term care insurance or other types insurance, the OCI said.
If the OCI’s petition is granted, a special deputy commissioner will be appointed to oversee the operations of the insurance company. Time Insurance will remain in rehabilitation while OCI further assesses operations and Time’s financial viability. During this period policyholder claims, creditors, and employees will continue to be paid.
Time Insurance Co. is a Wisconsin-based Time Insurance at one time offered life, annuity, health, and long-term care insurance policies. In late 2014, Time made the decision to enter run-off — a process that meant the company was no longer writing new policies and was preparing to discontinue operations. As of June 30, 2019, Time had 199,268 policyholders of which 176,552 were still paying premium to Time.
All policyholders and creditors will be notified within 30 days. Within 60 days after the court enters the order, the commissioner will submit a plan for rehabilitating Time Insurance Co. to the Circuit Court of Dane County.
OCI named former Wisconsin Insurance Security Fund Executive Director Mark Femal of the Wisconsin-based accounting firm Strohm Ballweg as the special deputy commissioner for the rehabilitation.
Source: Wisconsin OCI
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