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By Jeff Jeffrey |
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A.M. Best Company, Inc. |
The Ohio Department of Insurance announced Dec. 5 the liquidation of the Physicians Assurance Corp. has been completed after two years of proceedings. Now that the liquidation has concluded, the department is working to distribute more than $4.1 million in health benefits.
Lt. Governor Mary Taylor, who serves as Ohio's insurance director, said in a statement the liquidation was designed to protect consumers and to make sure consumers have new options for coverage. To that end, the department worked with Ohio health insurers and agents to arrange for new coverage for policyholders to minimize the disruption from the liquidation.
The Physicians Assurance Corp., a physician-owned health insurance company, was ordered into liquidation in August 2009 after it failed to meet the state's $2.5 million reserve requirement. As of June 30, 2009, the insurer's surplus was only $418,000. Also that year, TPAC, as it was known, saw losses that exceeded $2.4 million.
When it was ordered into liquidation, TPAC covered about 350 groups, which included about 8,000 members in central Ohio (Best's News Services, Aug. 24, 2009).
(By Jeff Jeffrey, Washington Correspondent: mailto:jeff.jeffrey@ambest.com)
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(c) 2011 A.M. Best Company, Inc. |
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