TDI TAKES OVER BENEFIT LIFE

Benefit Life Insurance Co. of Richardson, which specialized in individual accident and health insurance policies, has been placed in court-ordered receivership. Judge Jon Wisser of the 353rd District Court in Austin issued the order and appointed Insurance Commissioner Jose Montemayor as permanent receiver of Benefit Life. The company consented to the receivership. Benefit Life, which has been in business since 1982, operated only in Texas and had 2,000 policies in force, primarily individual health insurance.The state’s receivership petition alleged that Benefit Life’s liabilities exceeded its assets by $2 million. TDI placed Benefit Life in confidential supervision on Aug. 16, 2000. However, this rehabilitation effort was not successful.