Office of the Special Deputy Receiver

Representing Dana Popish Severinghaus, Acting Director of the Illinois Department of Insurance

Jacob Stuckey, Special Deputy Receiver & Chief Executive Officer

National Assurance Indemnity Company

Estate Closed

Liquidation Date: January 3, 1997
Claim Filing Deadline: January 5, 1998
Contingent Claim Deadline: January 3, 1999
Estate Closed: April 11, 2012
   
Docket Number: 96 CH 13422
   
Related Documents and Links:  
Financial Statements and Independent Auditors' Report
Receivership Petitions and Orders
Statement of Affairs
Statement of Changes in Cash and Invested Assets

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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Historical Data:  

National Assurance Indemnity Company, an Illinois domestic property and casualty company, and a member of the Coronet Insurance Group, was ordered into conservation on December 10, 1996. National Assurance, which commenced business in 1998, is a wholly owned subsidiary of Coronet Insurance Company, which was placed in liquidation on December 24, 1996. National Assurance’s subsidiary, Crown Casualty, was also placed in conservation on December 10, 1996. On January 3 and January 31, 1997, respectively, National Assurance and Crown Casualty were placed in liquidation. The liquidation orders were not agreed, but rather non-contested defaults.

Licensed only in Illinois, the company primarily assumed business from its parent, Coronet, and also wrote a small amount of private passenger automobile business.

The claim filing deadline was January 5, 1998, with a contingent claim date of January 5, 1999. Early access distributions of $680,714 have been made to the Illinois Guaranty Fund for administrative expenses and claim payments.

After years of litigation, settlement agreements were reached with all defendants and the case was dismissed.

A complaint was filed against former auditors of the company. Both parties have filed appeals in this matter. In September, 2009 the parties reached a settlement agreement in which the former auditors agreed to pay $2.25M to Coronet, Crown and NAIC, with the funds being divided between the companies.

On August 21, 2007, the Supervisory Court entered an order approving a 100% dividend on claims recommended for allowance and approved by orders of the court for distribution at statutory priority levels (d) thru (g); and further authorized the Liquidator to make a distribution of National Assurance Indemnity Company’s estate assets necessary to effectuate the dividend on allowed and court approved claims.

After payment of these claims, a surplus of estate assets remained. Therefore, by an order dated October 9, 2007, the court established a new claim filing deadline of February 1, 2008 to afford claimants who might still have claims not previously filed with the Liquidator, or who filed a proof of claim after the original claim filing deadline (late claims), an opportunity to share in subsequent distribution of National Assurance’s surplus assets.  In December, 2008 and March, 2009 100% supplemental distribution in the amount of $20,337 was made.  A partial shareholder distribution to Coronet Insurance Company for $2 Million was made on September 24, 2009.

Last updated March 2013

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