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 The stock purchase agreement entered into with Premia Holdings, Ltd. closed on January 9, 2019. Also on January 9, 2019 (i) the Amended Plan of Rehabilitation for Public Service Insurance Company and Public Service Mutual Holding Company, previously approved by the court supervising the rehabilitation proceedings on December 3, 2018, became effective; (ii) the rights and liabilities of Public Service Insurance Company’s cedent creditors were fixed; and the supervising court’s order of October 12, 2018 staying certain lawsuits against insureds of Public Service Insurance Company was dissolved pursuant to its terms. 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. .
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%.