CDI's Conservation Plan for Insurer Includes Transferring Policies, Settling RPA Claims

An embattled insurance company looking to leave California for New Mexico as part of a planned merger must transfer its policies to a different company and settle claims of illegal contracts before it makes the move, the Department of Insurance said in court filings. Attorneys for Insurance Commissioner Ricardo Lara last week filed a conservation and rehabilitation plan for California Insurance Co., which has been controlled by the department’s Conservation and Liquidation Office since November 2019 after the company allegedly tried to merge with a sister company before resolving its is...