COLUMBUS — Lt. Governor and Department of Insurance Director Mary Taylor today announced the successful completion of The Physicians’ Assurance Corporation (TPAC) liquidation proceeding. TPAC was ordered into liquidation on August 18, 2009.
“When an insurance company becomes insolvent, it is my job to protect consumers,” Taylor said. “We took swift and necessary action to make sure consumers have new options for coverage and receive maximum payment for their claims.”
The Ohio Department of Insurance worked with Ohio health insurers and agents to arrange for new coverage for policyholders to minimize the disruption from TPAC’s liquidation. The Department of Insurance partnered with the Ohio Life and Health Insurance Guaranty Association to ensure claimants receive $4.1 million in health benefits as soon as possible.
Taylor obtained approval for the liquidation on October 25, 2011 for the final distribution of assets and TPAC closure. Historically liquidations can take up to 10 years to resolve. The TPAC liquidation, however, was resolved by the Department of Insurance in just over two years.
Throughout 2011, Taylor delivered record distributions, closings and timelines on liquidations. The aggressive closing goals reflect a continued commitment to consumers and creditors of these estates.
As part of the Department of Insurance, the Liquidator’s Office has the ability in response to court orders to liquidate all assets and resolve all claims against the insolvent insurance company. The Liquidator’s Office pays claims after careful review of proof of claim.