INSURANCE
From Times Staff and Wire Reports
Two Insurers Placed in Conservatorship: California Insurance Commissioner John Garamendi placed Nebraska-based Legacy Life Insurance Co. and The Midwest Life Insurance Co. of Louisiana in “ancillary conservatorship” following the regulatory takeover and liquidation of these two insurers by their respective state insurance commissioners. Garamendi’s action allows the California Life and Health Guaranty Assn. to cover losses claimed by California customers of these two defunct insurers. Legacy Life has about 2,400 California policyholders, while Midwest Life has 56 local customers.
