Receivership Orders

MICA, an Illinois domestic life, accident and health insurance company was placed under an Agreed Order of Liquidation with a Finding of Insolvency on October 24, 2007, by order of the Circuit Court of Cook County.

MICA was located in Arlington Heights, IL. It was licensed to do business in Illinois and Indiana. However, substantially all of its existing business was in Illinois. MICA wrote primarily small group life, accident and health insurance.

A claim filing deadline of October 24, 2008 was established by the liquidation court. Early access distributions of $6,500,000 have been made to the Illinois and Indiana Guaranty Funds for administrative expenses and claims benefits.

On October 22, 2009, the Supervisory Court entered and order approving the Liquidator's application for a prorated final distribution on timely filed claims allowed at level (d) of the statutory distribution schedule in the amount of 70.0412%.  The Court also approved the Liquidator's petition to dissolve Municipal's corporate charter and terminated the liquidation proceedings.