Office of the Special Deputy Receiver

Representing Jennifer Hammer Director of the Illinois Department of Insurance

and Special Deputy Receiver

Public Service Insurance Company ("PSIC") and Public Service Mutual Holding Company ("PSMHC")

Welcome to the webpage for PSIC and PSMHC . On March 16, 2017, both PSIC and PSMHC were ordered into rehabilitation. Jennifer Hammer, Director of the Illinois Department of Insurance, is the statutory and court-affirmed Rehabilitator. By Illinois law, the Director may appoint a Special Deputy Receiver to administer the receivership. The Office of the Special Deputy Receiver has been appointed to assist in the day-to-day administration of the rehabilitation proceedings under the direction of the Director. Here is additional information on PSIC and PSMHC:
   
Rehabilitation Date: March 16, 2017
   
Docket Number: 2017 CH 3790
  Click here to view the Public Service docket and upcoming court dates maintained by the Clerk of the Supervising Court.
Related Documents and Links:  
Notices
Public Service Insurance Company - FAQ
Receivership Pleadings and Orders
Statement of Affairs
Statement of Changes in Cash and Invested Assets
Documents pertaining to Rehabilitator's Amended Plans of Rehabilitation and Stock Purchase Agreement
Contact OSD Staff

Latest News:

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.

On January 24, 2018 the Supervising Court entered an order approving the Rehabilitator’s request that her Petition For Approval Of The Rehabilitator’s Plan Of Rehabilitation For Public Service Insurance Company And Public Service Mutual Holding Company be withdrawn and stricken. The Rehabilitator’s withdrawal of the Petition was based upon the failure of the Assignment, Assumption and Novation Agreement transaction previously approved by Supervising Court on November 29, 2017 to close by the contractually required deadline of January 16, 2018.

On November 29, 2017, the Supervising Court entered an order approving the Assignment, Assumption and Novation Agreement (the “Transaction”) entered into, subject to the court’s approval, between the Rehabilitator and Sparta Insurance Company (“Sparta”). Sparta has until January 16, 2018 to close the Transaction. The Court also entered an order continuing the hearing on the Rehabilitator’s proposed Plan of Rehabilitation to January 24, 2018.

October 2, 2017: Notice regarding Petitions for Public Service Insurance Company and Public Service Mutual Holding Company for Approval of Plan of Rehabilitation and for Approval of Assignment, Assumption and Novation Agreement.

On October 2, 2017 the Rehabilitator filed Petitions for Approval of Plan of Rehabilitation and for Approval of Assignment, Assumption and Novation 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 filing related to these Petitions will also be posted at this location.

On September 14, 2017 the Rehabilitator filed a Motion For Approval of Procedures for Notice, Comment and Hearing on the Rehabilitator’s Petition For Approval of: (1) Plan of Rehabilitation for Public Service Insurance Company and Public Service Mutual Holding Company; and (2) Assumption, Assignment and Novation Agreement. You can find the motion here.

On March 16, 2017, an Agreed Order of Rehabilitation was entered against both PSIC and PSMHC by the Circuit Court of Cook County, Illinois (“Supervising Court”). Jennifer Hammer, Director of the Illinois Department of Insurance, has been affirmed as the companies’ statutory rehabilitator (“Rehabilitator”).


(Update Posted 01/24/2018)

   

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