UT DOI Seizes Wasatch - Seeks Order to Liquidate

The Utah Department of Insurance is seeking an order from the 3rd District Court to liquidate the assets of Wasatch Crest Mutual Insurance Co., and has seized control of the workers' comp provider for failing to maintain adequate reserves to cover existing policyholder claims. As a result of an investigation by the Department into Wasatch's financial status, the Department determined that the Company's efforts to recover from previous losses have failed leaving them with capital assets insufficient to cover reserve liabilities. Utah joins other states in commencing action against ...