California regulators ordered Diamond Benefits Life to...
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California regulators ordered Diamond Benefits Life to halt operation in the state, saying the Phoenix-based insurer appeared to be insolvent. The Department of Insurance scheduled a hearing for Nov. 2 in San Francisco for Diamond to provide any evidence that might avoid permanent closure of the company, which the state maintains has insufficient liquid assets and a $10.9-million deficit. The company claims it has a $9.8-million surplus based on unsecured assets disallowed by regulators.
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