ORANGE COUNTY
Irvine Insurance Firm Insolvent: An Orange County judge has given state authorities permission to liquidate Cal-American Insurance Co., an Irvine property and casualty insurer that the state seized six weeks ago. Superior Court Judge Jack K. Mandel ordered the liquidation after the state determined that Cal-American was $1.1 million short in reserves for losses. Customers’ claims up to $500,000 per policy and unearned premiums will be paid to customers by the California Insurance Guaranty Assn. The company has 19,000 policies and 5,300 annual policies in force.
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