INSURANCE
Two Insurers Placed in Conservatorship: A Los Angeles Superior Court judge placed two offshore health insurance companies in conservatorship under the control of state Insurance Commissioner John Garamendi. Judge Robert M. O’Brien ruled that Dual Plus Insurance Co. and Physicians & Hospitals Benefits Trust, both based in Bermuda, were conducting business in California without a license and operating in a financially hazardous condition. The Department of Insurance had served the companies with a cease-and-desist order earlier this week. State regulators also charged that Dual Plus fell below the required capital and surplus necessary to pay all policyholder claims.
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