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.
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|
Great American Life Insurance Company
P.O. Box 5425
Cincinnati, OH. 45201-5425
|Jan 17, 2006|
NAIC Number: 76791
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: Arizona
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: March 02, 2004
Released from Oversight: January 13, 2006