UT: WC Carrier Siezed for Inadequate Reserves

Yet another workers' compensation carrier has been taken over by a state's Department of Insurance for lack of reserves, this time in Utah. The Utah Department of Insurance says that a review of Wasatch Crest Mutual's financial documents showed that the Company did not have adequate reserve capital to guarantee payment of current policyholders and failed to meet minimum state financial requirements. UDI is seeking to liquidate Wasatch and its affiliate Wasatch Crest Insurance in order to pay existing claims and has planned a complete audit of the Company. Apparently, Wasatch Crest In...