Supreme Court Closes Conservatorship of Failed Australian Carrier

The New York Supreme Court has closed the state conservatorship of failed Australian insurance carrier HIH Casualty & General Insurance and ended 11 years of proceedings at the state Liquidation Bureau.The California Insurance Department seized control of San Francisco-based HIH subsidiaries Great State Insurance Co. and HIH American Compensation and Liability Insurance Co. in March 2001. Former New York Insurance Superintendent Gregory Serio won New York Supreme Court approval on March 15, 2001, to place the parent company into liquidation.HIH Casualty and General Insurance was Australia&...