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 Ins. Co On December 3, 2018 the Supervising Court entered an order approving a “Stock Purchase Agreement and Channeling Of Certain Assets And Liabilities,” with Premia and the Rehabilitator of Public Service Insurance Company (“PSIC”) and Public Service Mutual Holding Company (“PSMHC”). The Supervising Court also approved the Rehabilitator’s Amended Plan of Rehabilitation For PSIC and PSMHC. Copies of the approval orders and the Amended Plan of Rehabilitation can be found here.
Millers First Insurance Company On October 18, 2018, the Supervising Court entered an order providing for the filing of proofs of claims in the Millers First Insurance Company’s receivership estate and establishing a claim filing deadline of March 4, 2019 at 4:30 p.m. C.D.T.. The court also set a deadline of March 4, 2020 at 4:30 p.m. C.D.T. as the last day that any insured’s timely filed contingent claim must be liquidated by presenting proof of payment to the Liquidator. A copy of the court’s claim procedure order can be found here. .
Public Service Ins. Co On September 18, 2018 and September 19, 2018 the Rehabilitator filed Petitions for Approval of Amended Plan of Rehabilitation and for Approval of Stock Purchase Agreement along with a Supporting Memorandum for each Petition. Copies of these filings can be found here. A copy of the Supervising Court's Scheduling Order setting forth the procedures for notice, comment and hearing on these Petitions can be found at the same location. Subsequent filings related to these Petitions will also be posted at this location.
Legion Indemnity On April 11, 2018 the Supervising Court approved the Liquidator’s twenty percent (20%) seventh dividend on all timely filed (second deadline) claims. These claims are allowed for distribution at statutory priority level 215 ILCS 5/205(1)(d), bringing the total late-filed priority level “d” distribution to 58%.