OSD Mission Statement
The Office of the Special Deputy Receiver represents the Director of Insurance of the State of Illinois in managing all Illinois insurance companies in receivership. Our mission is maximization of assets, the fair disposition of claims, and timely delivery of assets to creditors.
OSD Latest News
On August 16, 2010, the OSD published an Invitation for Bid for Purchase of Outstanding Reinsurance Assets of Pine Top Insurance Company, in Liquidation.
Statewide Insurance Company - On July 27, 2010 the Circuit Court of Cook County, Illinois entered an order approving and authorizing a one hundred percent (100%) dividend on all outstanding claims recommended for allowance and approved by prior orders of the court for distribution at statutory priority levels 215 ILCS 5/205(1)(d) and 215 ILCS 5/205 (1)(g). This will result in a distribution of Statewide Insurance Company estate assets in the amount of 2,811,112.
American Health Care Providers, Inc. - On June 28, 2010, an order was entered approving a final distribution of the estate's assets, resulting in all allowed level (1)(d) claims being paid at a dividend rate of 65.8162%. The June 28th order further provided that the estate be closed as of that date.
Pine Top Insurance Company - Based upon our best estimates and barring any unforeseen circumstances, the Special Deputy Receiver now anticipates that a second interim dividend distribution, within the range of 16.0% to 16.5%, will be made in the third quarter of 2010 on claims allowed at the general creditor priority level (g) of the Illinois statutory distribution scheme. This good faith estimate is based upon information available and the circumstances known at the time that it was made. Before relying on this estimate in making any decisions, be aware that the underlying facts and circumstances upon which it is based are subject to change. (June 2010)
Statewide Insurance Company - Based upon our best estimates and barring any unforeseen circumstances, the Statewide distribution date is being revised from the second quarter of 2010 to July 2010. Also, in addition to the projected 100% dividend distribution on claims allowed at policyholder priority level (d) of the Illinois statutory distribution scheme, the Special Deputy Receiver now anticipates that the previously projected “substantial” distribution on claims allowed at the general creditor level (g) will also be a 100% distribution. This good faith estimate is based upon information available and the circumstances known at the time that it was made. Before relying on this estimate in making any decisions, be aware that the underlying facts and circumstances upon which it is based are subject to change. (June 2010)
Professional Liability Insurance Company of America (“PLICA”) - On March 16, 2010, a sequestered or confidential Order of Conservation was entered against this New York domiciled medical malpractice insurance company in the Circuit Court of Cook County, Illinois. An Amended Order was entered the following day, March 17, 2010. The confidentiality order was subsequently lifted by the Supervising Court on June 1, 2010. On April 30, 2010 the company was placed in Rehabilitation in the State of New York, under the direction and control of the New York Superintendent of Insurance, James Wrynn. Questions regarding the conservation action in Illinois may be submitted via email on the Information Request Form found on the OSD web site, or by calling OSD at 312-836-9500. Questions regarding the rehabilitation proceeding in New York may be directed to the New York Liquidation Bureau by email at plica@nylb.org or to the PLICA hotline established by the Rehabilitator at 212-341-6733. A copy of the New York Rehabilitation Order can be found on the New York Liquidation web site, nylb.org.
Real Estate Sales:
Among the assets owned by Coronet Insurance Company is title to certain vacant real property located in Spring Green, Wisconsin. Spring Green is located in the scenic Wisconsin River Valley, thirty-five miles west of Madison. The property consists of sixty-eight individual residential lots which sit adjacent to and around the House on the Rock Resort and Golf Course. The lots vary in size averaging about one-acre each. Half of the lots are ready to be developed having paved roads and underground utilities (water, sewer, natural gas, telephone and electricity). The remaining lots are mainly wooded, but do have access to the underground utilities. In addition to the golf course and resort, the area has several other well known attractions such as The American Players Theatre, Frank Lloyd Wright’s Taliesin, the House on the Rock and the Wisconsin Dells.
The lots are for sale, preferably in-bulk, but individual lot sales will be considered. If anyone is interested, contact Dale Coonrod at the Office of the Special Deputy. Telephone number: (312) 836-9514. E-mail address: dcoonrod@osdchi.com.
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