A Texas state court has placed a single-state funeral insurer into receivership.
The insurer, Texas Memorial Life Insurance Company, Austin, Texas, will be liquidated, according to officials with the Texas Department of Insurance.
Texas Memorial, which changed its name from Owens-Brumley Funeral Insurance Company in 1996, operated only in Texas, and it existed mainly to fund the pre-need funeral benefit contrqcts sold by an affiliate, Memorial Administrators L.L.C., officials say.