OSD Mission Statement
Our mission is to achieve consumer protection through receivership resolution expertise and the execution of a resolution strategy appropriate to the unique circumstances of each troubled company estate, including maximization of asset recovery, fair disposition of claims, and timely delivery of assets to creditors.
OSD Latest News
Public Service Insurance Company – On May 7, 2017 the Rehabilitator posted bid procedures for a loss portfolio transfer in the form of an assignment and assumption and novation agreement. Please see the Invitation For Bids (IFB) within the Purchase & Procurement tab for additional information, or by clicking here.
Public Service Insurance Company – On March 16, 2017, an Agreed Order of Rehabilitation was entered against both PSIC and PSMHC by the Circuit Court of Cook County, Illinois (“Supervising Court”). Jennifer Hammer, Director of the Illinois Department of Insurance, has been affirmed as the companies’ statutory rehabilitator (“Rehabilitator”). PSIC is an Illinois domestic stock property & casualty insurance company located in New York City, New York. PSIC was previously organized as a mutual insurance company, which upon its conversion to a stock company became a subsidiary of PSMHC. As of December 31, 2016 PSIC had statutory surplus in the amount of $28,264,847. Pursuant to the Agreed Order of Rehabilitation coverage under policies in force on March 16, 2017 will remain in place until their contractual expiration date. The Agreed Order authorizes the Rehabilitator to continue to pay claims as they come due and owing in the ordinary course of business including claims by or against PSIC’s policyholders and assumed reinsurance claims. The Rehabilitator is preparing a plan of rehabilitation for the companies. When the plan of rehabilitation is completed, the Rehabilitator will present it to the Supervising Court for its approval, subject to a process for notice, comment, and hearing by stakeholders.