NU Online News Service, Aug. 24, 2:15 p.m. – Oklahoma Insurance Commissioner Carroll Fisher says he is trying to get approval from a state court to place Heritage National Insurance Company, Tulsa, Okla., in receivership.
Oklahoma County District Court Judge Nancy Coats refused earlier this month to place the company in receivership, but she did allow the Oklahoma department to keep the life, health and accident insurer in voluntary supervision.
Department officials now control company expenditures, but placing the company in receivership would help policyholders get assistance from the Oklahoma Life and Health Insurance Guaranty Association, Fisher says.
The Oklahoma department recently released enough funds to pay $1 million in claims, but the company owes $6 million in additional claims payments, Fisher says.
Reid Robison, an Oklahoma City lawyer who represents Heritage National, says the Heritage National management team is still running the company and still believes it can obtain the financing it needs to increase the company’s financial strength.
Reid declined to comment on the receivership proceedings.