On April 29, 1993, a sequestered Order of Conservation was entered in the Circuit Court of Cook County, Illinois against State Security Insurance Company, a domestic property and casualty company. State Security is a wholly-owned subsidiary of W.F. Financial Corporation, an Illinois insurance holding company. On June 16, 1993, an Agreed Order of Liquidation With a Finding of Insolvency was entered against State Security.

The company, which commenced business in 1954, was licensed in Illinois, Indiana and Missouri and wrote primarily full coverage automobile insurance, as well as a small amount of general liability and multiple peril coverages.

The claim filing date was July 16, 1994, and the contingent claim deadline was July 16, 1995.  5,176 claims have been filed with the Liquidator.  Early access distributions totaling $850,000 have been paid to the guaranty funds for their administrative expenses. Because insufficient assets remain in the estate to pay the outstanding level "a" claims, the Liquidator will not be conducting a claim review of level "D" claims.