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Old Standard Life Insurance Company
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In Rehabilitation
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| Company Overview |
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| On March 2, 2004, rehabilitation orders were entered by courts in Washington, Idaho, and Arizona for three insurance companies: Western United Life Assurance Company (domicile state: Washington), Old Standard Life Insurance Company (domicile state: Idaho), and Old West Annuity & Life Insurance Company (domicile state: Arizona). These companies were affiliates of the so-called Metropolitan Mortgage Group of companies, which are in bankruptcy in Washington. The bankruptcy proceedings of the parent company began on February 4, 2004, and a reorganization/liquidation plan was filed in August in the bankruptcy court.
The insurance companies’ business was primarily individual annuities, and this business was administered from one office in Spokane, Wash. As of January 2006, an assumption agreement for the policies of two of the companies, Old Standard Life and Old West Annuity & Life was completed (see below) and the Old West rehabilitation proceeding ended.
If you have any questions, contact your state life and health insurance guaranty association. |
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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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Annuity
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Great American Life Insurance Company
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P.O. Box 5420
Cincinnati, OH. 45201-5420 |
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| 800-854-3649 |
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| http://www.galic.com |
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January 17, 2006
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NOTE: Fixed annuity block
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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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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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March 02, 2004 |
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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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© 2001-2009 All Rights Reserved. The National Organization of Life & Health Insurance Guaranty Associations |
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