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Midwest Life Insurance Company
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Metairie, Louisiana
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| Company Overview |
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| Midwest Life Insurance Company was owned by Southshore Holding Corporation and domiciled in Louisiana. The company was licensed in 29 states and had an emphasis on group single premium deferred and immediate annuities for qualified and nonqualified accounts. It also offered whole life, single premium life, term insurance, modified premium whole life and individual/group major medical insurance.
The company was placed in voluntary conservatorship in April 1991 with a plan for restructuring the investment portfolio and converting mortgage loans into more marketable securities. However, the plan failed and the company was ordered into receivership a few months later. The state life and health insurance guaranty associations helped arrange for Standard Life of Indiana to assume the life and annuity policies in 1992.
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| Policy & Claims Administration |
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| Policies of an insolvent company are often transferred to a financially sound insurance company. If policies are not transferred to another company, the policies are continued and claims administered by either the guaranty associations or a third-party administrator (TPA) working on behalf of the associations. Please contact the company/TPA listed below or the guaranty association in your state of residence for more information about your policy. |
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Type of Policy
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Transferred to:
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Transfer Date
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Life
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Standard Life Insurance Company of Indiana
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10689 N. Pennsylvania Street
Indianapolis, IN. 46280 |
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| 800-222-3216 x 7003 |
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| http://www.standard-usa.com/ |
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June 01, 1992
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Annuity
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Standard Life Insurance Company of Indiana
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10689 N. Pennsylvania Street
Indianapolis, IN. 46280 |
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| 800-222-3216 x 7003 |
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| http://www.standard-usa.com/ |
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June 01, 1992
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| Contact Information |
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| Guaranty association coverage is coordinated on a state-by-state basis, with coverage usually being provided by the association in your state of residence, regardless of where you purchased your policy. Policyholders should contact their state guaranty association with any questions they have about their policies. The drop-down menu below will take you to your state association's Web site, which provides answers to frequently asked questions and contact information. |
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| The liquidator, by court order, becomes the sole owner of the company's assets and administers the estate of the company. |
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| If you are unsure who to contact with your questions, please e-mail us here, and we will forward your message to the appropriate party. |
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| Company Details |
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An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company. |
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| Domiciliary State: |
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Louisiana |
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The domiciliary state is the state in which an insurance company is incorporated or organized. |
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| Rehabilitation Date: |
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June 26, 1991 |
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Following the rehabilitation date, the insurance commissioner of the company's domiciliary state initiates a process whereby every attempt is made to help the company regain its financial footing. |
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| Liquidation Date: |
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August 26, 1991 |
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The liquidation date is the date that the state court orders the liquidation of the company. The liquidator is the domestic state insurance commissioner, who appoints a deputy liquidator (also called a special deputy receiver) to marshal the company's assets and pay the claims asserted against the liquidated company according to the state's insurance receivership priority statute. |
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© 2001-2008 All Rights Reserved. The National Organization of Life & Health Insurance Guaranty Associations |
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