Liquidator Revises Proposed Early Access Cash Advances To Guaranty Associations

(December 7, 2015, 12:10 PM EST) -- HARRISBURG, Pa. — The liquidator of an insolvent insurer presented revised tables to a Pennsylvania court on Dec. 4 outlining nearly $400 million of early access cash advances to certain insurance guaranty associations (In re: Reliance Insurance Company in Liquidation, No. 1 REL 2001, Pa. Cmwlth.).

(Application available. Document #10-151224-016X.)

The Pennsylvania Commonwealth Court ordered Reliance Insurance Co. into liquidation on Oct. 3, 2001, and the state’s insurance commissioner was named as liquidator.

Pennsylvania’s current insurance commissioner, Teresa D. Miller, as Reliance’s liquidator, asks the court...
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