State Takes Over Insurer: Yolo County Superior...
From Times Staff and Wire Reports
State Takes Over Insurer: Yolo County Superior Court appointed Insurance Commissioner Roxani Gillespie as conservator of Pacific Standard Life Insurance, a unit of bankrupt Southmark of Dallas. Gillespie had ordered the firm to suspend business Nov. 28, then asked the court to allow her to take over the company, which an audit showed to be insolvent by more than $41 million. Pacific’s business was heavily concentrated in annuities. Gillespie said the state may sell policies to other life and disability insurers.
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