The Virginia State Corporation Commission (SCC) has set two hearings to consider matters regarding the proposed liquidation of Reciprocal of America (ROA) and The Reciprocal Group (TRG). Both companies were placed into receivership on January 29, 2003.
On April 30, 2003, the deputy receiver of ROA and TRG petitioned the SCC to enter an order of liquidation. The 2002 annual statement filed with the SCC's Bureau of Insurance shows that the Virginia-domiciled insurance reciprocal is insolvent by more than $200 million.
The first hearing will be held on Thursday, June 19, 2003. At this h...
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