It has been reported that the Pennsylvania Department of Insurance made application yesterday for a court order of liquidation for Legion Insurance Co. and Villanova Insurance Co. On 4/1/02 the Pennsylvania DOI announced that the companies were submitting to voluntary rehabilitation. That immediately caused A.M. Best and Standard & Poors to downgrade the companies' ratings and soon thereafter workcompcentral learned that the companies had withdrawn authority for their claims handlers and TPAs to enter into Compromise and Release Agreements.Part of the downfall of the companies relates back to ...
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