Midwest Life Insurance Company | LA
Company Overview
Midwest Life Insurance Company was owned by Southshore Holding Corporation and domiciled in Louisiana. The company was licensed in 29 states and had an emphasis on group single premium deferred and immediate annuities for qualified and nonqualified accounts. It also offered whole life, single premium life, term insurance, modified premium whole life and individual/group major medical insurance.
The company was placed in voluntary conservatorship in April 1991 with a plan for restructuring the investment portfolio and converting mortgage loans into more marketable securities. However, the plan failed and the company was ordered into receivership a few months later. The state life and health insurance guaranty associations helped arrange for Standard Life of Indiana to assume the life and annuity policies in 1992. Standard Life subsequently transferred the life policies to Madison National in 2005, and the annuity business to Guggenheim Life and Annuity Company (now known as Clear Spring Life and Annuity Company) in 2011. Contact information for Madison National and Clear Spring is provided below.
Policy & Claims Administration
Policies of an insolvent company are often transferred to a financially sound insurance company. If policies are not transferred to another company, the policies are continued and claims administered by either the guaranty associations or a third-party administrator (TPA) working on behalf of the associations. Please contact the company/TPA listed below or the guaranty association in your state of residence for more information about your policy.
| Type of Policy | Company |
Effective Date |
|---|---|---|
| Life |
Standard Life Insurance Company of Indiana |
Jun 01, 1992 - Jan 1, 2005 |
| Life |
Madison National Life (Being Administered by National Guardian Life) |
Jan 01, 2005 |
| Annuity |
Clear Spring Life and Annuity Company (formerly Guggenheim Life and Annuity Company) |
Jan 18, 2011 |
| Annuity |
Standard Life Insurance Company of Indiana |
Jun 01, 1992 - Jan 17, 2011 |
Contact Information
Guaranty association coverage is coordinated on a state-by-state basis, with coverage usually being provided by the association in your state of residence, regardless of where you purchased your policy. Policyholders should contact their state guaranty association with any questions they have about their policies. The button below will take you to a page where you can search for your state association's Web site, which provides answers to frequently asked questions and contact information.
The liquidator, by court order, becomes the sole owner of the company's assets and administers the estate of the company. If you are unsure whom to contact with your questions, please e-mail us here, and we will forward your message to the appropriate party.
Company Details
NAIC Number: 66060
An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company.
Domiciliary State: Louisiana
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: June 26, 1991
Liquidation Date: August 26, 1991
Estate Closed: June 24, 2008