COURT ORDERS LIQUIDATION OF REINSURANCE COMPANY OF AMERICA
An Illinois circuit court entered an order for the liquidation of Reinsurance Company of America based upon a finding of insolvency. The court appointed Michael T. McRaith, Illinois Director of Insurance, as liquidator, vesting him with broad powers to take action as required to serve the interests of RCA, its policyholders, beneficiaries, creditors, and the public. RCA’s sole stockholder consented to the entry of the order. People v. Reinsurance Co. of America, Case No. 10 CH 6207 (Ill. Cir. Ct. Apr. 27, 2011).
This post written by Ben Seessel.
