Time Insurance Company (Wisconsin)
Order for Liquidation Entered
On August 30, 2022, the Receivership Court in Dane County, Wisconsin, entered an order for liquidation with a finding of insolvency against Time Insurance Company. The order takes effect September 1, 2022.
The company, which has been in runoff since late 2014, was placed in rehabilitation in July 2020. During the course of the rehabilitation, several large blocks of fully reinsured life, health, annuity, and long-term care business were transferred to assuming carriers. Efforts to transfer the remaining non-reinsured small block of life and health policies were ultimately unsuccessful.
As of the liquidation date, the company had 73 life and health (hospital indemnity and major medical) policies on its books, and those policies are spread out across 27 states. The company was licensed in all states except for New York (including the District of Columbia and Puerto Rico). The task force has a Service Agreement in place with AMR for continued administration of this small block on behalf of participating guaranty associations, and policyholder communications are being sent out this week.
The states with policies in this small block are Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Carolina, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, and Wisconsin.
Task Force Chair - Bill Fisher; Staff Contact - Joni Forsythe