Massachusetts Seizes Insurer: State regulatory officials took...
From Times Staff and Wire Reports
Massachusetts Seizes Insurer: State regulatory officials took control of Monarch Life Insurance Co. to shield it from the financial collapse of its parent, Monarch Capital Corp. Unlike its parent, company and state officials say, Monarch Life is financially sound. The Springfield, Mass.-based subsidiary specializes in disability insurance, variable life insurance and variable annuities. Regulators said Monarch’s creditors and 250,000 policyholders will continue to receive payments. Monarch’s parent, once worth $6 billion, built up a $600-million real estate portfolio before the market collapsed.
