INSURANCE

Insurance Department to Close Division: The state agency will close its Los Angeles-based conservation and liquidation division by year-end, laying off about 70 employees, Insurance Commissioner John Garamendi announced. The division, which manages the assets of about 60 failed insurers, has been criticized for management problems by state auditors. The unit will be reorganized and moved to San Francisco, a move that will pare $1 million from the division’s $17-million annual budget, according to a department spokeswoman. Relocating the unit near the Insurance Department’s main office will “substantially improve oversight, accountability and coordination,” Garamendi said in a statement. Laid-off employees may apply for jobs in San Francisco, the department said.