Standard Life Insurance Company of Indiana | IN
Company Overview
Standard Life Insurance Company of Indiana (http://www.standardlifeofindiana.com) was incorporated in Indiana on July 3, 1934, and was acquired by Capital Assurance Company (CAC) on June 8, 2005. Under CAC ownership, Standard Life’s product offerings shifted from annuities with life contingencies to annuities without life contingencies, also known as deposit-type contracts. When the company was placed into rehabilitation on December 18, 2008, Standard Life was licensed in all states (except New Jersey and New York) and in the District of Columbia. Standard Life wrote business primarily in California, Florida, Michigan, Indiana, and Ohio.
Under the Order of Rehabilitation, the Receivership Court imposed an immediate moratorium on the loan and cash surrender rights of Standard Life policyholders for a period ending June 18, 2009 which was then extended and remains in place .
The Receivership Court entered an order approving a reinsurance agreement for the assumption of Standard Life insurance policies and annuity contracts by Guggenheim Life and Annuity Company. The closing of the agreement occurred in February 2011. The reinsurance transaction does not include GA funding, and the GAs were not triggered. The moratorium ended six months after closing of the agreement. During the moratorium, existing hardship procedures for policyholders had continued.
Company Details
NAIC Number: 69051
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: Indiana
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: December 18, 2008
Liquidation Date: July 26, 2012
| Type of Policy | Company |
Effective Date |
|---|---|---|
| Life |
Madison National Life Insurance Company (Being Administered by National Guardian Life Insurance Company) |
Jan 01, 2005 |
| Annuity |
Clear Spring Life and Annuity Company (formerly Guggenheim Life and Annuity Company) |
Jan 18, 2011 |
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