Pacific Standard Life Insurance Company, domiciled in California, was a subsidiary of Southmark Corporation, a publicly held real estate based financial services company. In July 1989, Southmark filed for reorganization under Chapter 11 of the U.S. Bankruptcy code. None of the insurance subsidies were included in the filing. However, on December 11, 1989, Pacific Standard Life was placed under conservation by the California Insurance Department. A liquidation order was issued in May 1994.
Pacific Standard had a portfolio of ordinary life and term plans emphasizing universal life and other interest sensitive products. It also included the usual forms of whole life, endowment, and tax qualified products. The state life and health insurance guaranty associations helped arrange for Hartford Life Insurance Company to assume all the company's policies in 1994.
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.
|Type of Policy||Company||Effective Date|
Talcott Resolution Life Insurance Company
1 Griffin Road North
Windsor, CT. 06095
|May 11, 1994|
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.
The liquidator, by court order, becomes the sole owner of the company's assets and administers the estate of the company.
If you are unsure whom to contact with your questions, please e-mail us here, and we will forward your message to the appropriate party.
NAIC Number: 72842
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.
Domiciliary State: California
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: December 11, 1989
Liquidation Date: May 11, 1994
Estate Closed: December 30, 1999