Kemper Insurance Companies signed an agreement finalizing the rehabilitation plan for the Superior National Insurance Companies, California Acting Insurance Commissioner Clark Kelso announced late last week.
The temporary suspension of claims-related payments has also been lifted for the Superior National Cos., which were taken over by the California Department of Insurance (CDI) on March 3, 2000. Kemper has been interested in Superior’s struggles since the beginning, when the CDI put out its Request for Proposals on May 5.
The Conservation Court approved Kemper’s bid on June 30 and approved a contract for the transfer of certain assets and liabilities of the Companies. Obtaining a Liquidation Order is the next step in the rehabilitation plan. The order will invoke the claims paying responsibilities of the California Insurance Guarantee Association and the guaranty funds in other states–basically ensuring that policyholders and claimants are paid. Kemper is a nationwide provider of property/casualty insurance and risk management services with 1999 revenues of approximately $3 billion.
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