Virginia Regulators End Shenandoah Life Insurance Co.’s Receivership
A Roanoke, Va.-based insurance company is no longer in receivership.
The State Corporation Commission announced Tuesday that it ended Shenandoah Life Insurance Company’s receivership because of a successful rehabilitation plan.
The decision means Shenandoah Life can manage its affairs and resume possession of its property. The insurer also can resume writing new policies.
The SCC placed Shenandoah Life into receivership on Feb. 12, 2009 because of its financial condition.
In December 2011, policyholders voted to convert the company from a mutual life insurer to a stock insurance company under the control of United Prosperity Life insurance Company.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- Greater Chance of Major Hurricane on East Coast This Year, Less in Gulf, Scientist Says
- Buffett’s Berkshire Reveals $6.7 Billion Stake in Insurer Chubb
- Lindberg Convicted in Second Trial on Attempting to Bribe NC Insurance Commissioner
- Fannie and Freddie Hit Pause on Replacement-Value Requirements for Home Insurance