Insurance Company Liquidation Paying $4.1 Million to Ohio Consumers

Ohio Lt. Governor and Department of Insurance Director Mary Taylor announced the successful completion of The Physicians’ Assurance Corp. (TPAC) liquidation proceeding. TPAC was ordered into liquidation on Aug. 18, 2009.

The Ohio Department of Insurance worked with Ohio health insurers and agents to arrange for new coverage for policyholders to minimize the disruption from TPAC’s liquidation. The insurance department said it partnered with the Ohio Life and Health Insurance Guaranty Association to ensure claimants receive $4.1 million in health benefits as soon as possible.

Taylor obtained approval for the liquidation on Oct. 25, 2011, for the final distribution of assets and TPAC closure. Historically liquidations can take up to 10 years to resolve. The insurance department noted that the TPAC liquidation was resolved just over two years.

Source: Ohio Department of Insurance