Judge Orders Return Of Early Access Funds From Insurance Guaranty Association
(June 7, 2016, 1:33 PM EDT) -- AUSTIN, Texas — A Texas judge on May 31 ordered the state’s insurance guaranty association to return funds it had previously been paid by an insolvent insurer’s liquidation estate in order for the estate to be able to pay its administrative expenses (The State of Texas v. Austin Indemnity Lloyds Insurance Company and Austin Indemnity Management Company LLC, No. D-1-GV-08-2766, Texas, 353rd Dist., Travis Co.).
(Order available. Document #10-160624-007R.)
Austin Indemnity Lloyds Insurance Co. and Austin Indemnity Management Co. LLC (collectively, AILIC) were ordered into liquidation...