Receivership Section

When a judge orders Insurance to take control of a domestic insurer, the Insurance director is appointed its receiver. As receiver, the director acts in place of the officers and directors, whose powers are suspended. The Receivership Section assists the director in carrying out his duties. Frequently, a special deputy receiver is appointed to manage the daily operations of the company. A receivership may involve rehabilitation, which attempts to restore the financial viability of the company, or liquidation, which disposes of all assets.

A list of domestic insurers in receivership, as of December 2003, follows with the title of the court proceeding. When no deputy receiver is listed for a receivership, direct questions to Receivership Supervisor Diane Garber at (573) 522-6115.

The following companies were in receivership (with date of initial court order):

Contact telephone numbers, addresses and e-mail addresses

Bel-Aire Insurance Co. in liquidation (7/15/93)
Circuit Court of Cole County / Case No. CV190-1148CC / Judge Byron L. Kinder
Dana L. Frese, Deputy Receiver and General Counsel

Casualty Reciprocal Exchange and Equity Mutual Insurance Co. in rehabilitation (12/19/2002)
Circuit Court of Cole County/Case No. 02CV326311/Judge Thomas R. Brown III
F. William Kobusch, IV, Special Deputy Rehabilitator

General American Mutual Holding Co. in liquidation (5/23/2002)
Circuit Court of Cole County / Case No. CV99-323050 / Judge Thomas J. Brown, III
Albert A. Riederer, Special Deputy Receiver
John C. Craft and William C. Jolley, General Counsels

Holland-America Insurance Co. in liquidation (3/6/87)
Circuit Court of Jackson County/Case No. 16CV87-4356/Judge Jay Daugherty; and,
Mission Reinsurance Corporation (3/6/87)
Circuit Court of Jackson County / Case No. 16CV87-4356/ Judge Jay A. Daugherty
William C. Jolley, Jr., and John C. Craft, General Counsels

International Financial Services Life Insurance Co. in liquidation (11/30/1999)
Circuit Court of Cole County / Case No. CV199-623cc / Judge Thomas J. Brown, III
Douglas J. Schmidt, General Counsel

Integral Insurance Co. in liquidation (4/23/1999)
Circuit Court of Jackson County / Case No. CV91-23902 / Judge Preston Dean
Paul R. Whitters, Special Deputy Receiver
Dana L. Frese, General Counsel

Lutheran Benevolent Insurance Exchange in liquidation (12/2/96)
Circuit Court Cole County / Case No. CV196-1363CC / Judge Thomas J. Brown, III
James W. Tippin, General Counsel

M & M Co. in liquidation (4/2/96)
Circuit Court of Cole County / Case No. 194-779CC / Judge Thomas J. Brown, III
John C. Craft, Special Deputy Receiver

Maxicare Life and Health Insurance Co. in rehabilitation (1/28/02)
Circuit Court of Cole County/Case No. 02CV323192/Judge Byron L. Kinder
Dennis Eckold, Special Deputy Receiver
Eugene G. Bushmann, General Counsel

Ozark Benefit Association Life Insurance in rehabilitation (4/17/96)
Circuit Court of Cole County / Case No. CV196-476CC / Judge Byron L. Kinder
Mike Watkins (Assessments & Policies)

Professional Medical Insurance Co. in liquidation (4/7/94)
Circuit Court of Jackson County / Case No. CV94-2451-LSW
Judge Peggy Stevens McGraw; and,

Professional Mutual Insurance Co. in liquidation (4/7/94)
Circuit Court of Jackson County / Case No. CV94-2451-LSW
Judge Peggy Stevens McGraw
Bonnie Sweeney, Project Manager
Bruce E. Baty, General Counsel

Transit Casualty Co. in liquidation (12/3/85)
Circuit Court of Cole County / Case No. CV185-1206CC / Judge Byron L Kinder
Albert A. Riederer, Special Deputy Receiver
Tom McCarthy, Jim Owen, Paula Young
McCarthy, Leonard, et al., General Counsel

U.S. Physicians Mutual Risk Retention Group in liquidation (2/17/94)
Circuit Court of Jackson County / Case No. CV94-3318 / Judge Peggy Stevens McGraw
Bonnie Sweeney, Project Manager
Karl Zobrist, General Counsel

Missouri Insurance Guaranty Association (MIGA)

The state provides a guaranty fund to protect Missouri policyholders of failed insurers regardless of their location. Active insurance companies are assessed to pay claims of Missouri residents, up to the maximum amount set by law, when the insurer's assets are inadequate.

Life and health policyholders are protected by MIGA for up to $300,000 in individual life insurance death benefits (but not more than $100,000 in cash surrender and net cash withdrawal values) and up to $100,000 of health insurance or annuity benefits, subject to maximum of $300,000 for benefits for any one life. Holders of property and casualty policies are protected by MIGA for any covered policy claim in excess of $100 and less than $300,000 and for $10,000 in unearned premium claims. MIGA will pay the full amount of any covered workers compensation claim.

Separate guaranty funds for life/health and property/casualty insurers were combined in a single entity, the Missouri Insurance Guaranty Association (MIGA), in September 2001. A board of insurer representatives governs MIGA's operations, under the general supervision of Insurance's director.

Charles F. Renn
Executive Director, MIGA
994 Diamond Ridge, Suite 102
Jefferson City, MO 65109
Telephone: (573) 634-8455, Ext. 229
Fax: (573) 634-8488
MIGA@mo-iga.com

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