Statewide Insurance Company
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Welcome to the webpage for Statewide Insurance Company. On
January 6, 2004, Statewide Insurance Company, was ordered into
liquidation, and
the Director of Insurance was affirmed as Receiver. By Illinois
law, the Director may appoint a Special Deputy Receiver to administer
the receivership. By power of attorney, Patrick D. Hughes is the
Special Deputy Receiver to Director Michael T. McRaith, and the Office of the Special Deputy Receiver
handles the day-to-day administration of the liquidation proceedings
under the direction of the Special Deputy, subject to the ultimate
authority of the Director and to court supervision. Here is
additional information on Statewide Insurance Company: |
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| Liquidation Date: | January 6, 2004 |
| Claims Filing Deadline: | January 6, 2005 |
| Contingent Claims Filing Deadline: | January 6, 2006 |
| Docket Number: | 04 CH 00150 |
| Related Documents: | |
Financial Statements and Independent Auditors' Report 2008 |
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| Latest News: | |
| 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. | |
| Good Faith Estimate: | |
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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. (Posted: June 16, 2010) |
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| Historical Data: | |
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On January 6, 2004, an Agreed Order of Liquidation with a Finding of Insolvency, was entered against Statewide Insurance Company in the Circuit Court of Cook County, Illinois. Statewide’s board of directors consented to the order, which was entered based on the Director’s complaint that Statewide’s policyholder surplus was impaired in an amount in excess of $21 million. Located in Waukegan, Illinois, Statewide Insurance Company, a wholly-owned subsidiary of Statewide Holding Corporation, was incorporated in 1979. Statewide was licensed in twenty-six states and wrote commercial multiple peril, commercial auto, general liability, umbrella coverage, workers compensation, inland marine and fidelity and surety bond business. The policies were primarily marketed to small general contractors and artisans in the Midwest and Western states. The claim filing deadline was January 6, 2005. The deadline for liquidating timely-filed contingent claims was January 6, 2006. Early Access distributions totaling $19,350,961 have been made to various Guaranty Funds for administration expenses and claim payments. Last updated July 2010 |
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