ALJDEC

00A-186-INS · Department of Insurance · 2000-12-15

IN THE OFFICE OF ADMINISTRATIVE HEARINGS

HEARING: December 15, 2000 APPEARANCES: Steven R. Henry, Esq. on behalf of Petitioner; Kurt Regner on behalf of the Arizona Department of Insurance ADMINISTRATIVE LAW JUDGE: Lewis D. Kowal _____________________________________________________________________ On December 15, 2000, a hearing took place to consider the application of Shawmut Life Insurance Company, Inc. (the Petitioner") to withdraw from the insurance business and for the release of its statutory deposit pursuant to A.R.S. §20-588 and A.A.C. R20-6-303. Based upon the entire record in this matter, the following Findings of Fact, Conclusions of Law and Recommended Order are made: FINDINGS OF FACT Petitioner has filed an Affidavit of Lost Certificate of Authority with the Arizona Department of Insurance (“Department”). Petitioner has filed with the Department certified copies of Resolutions of the Petitioner's Board of Directors and of the Petitioner's shareholder(s) authorizing Petitioner to withdraw from the insurance business by dissolution. Petitioner has no insurance obligations owing to it, whether by policies written direct or by reinsurance ceded to it.

Petitioner has filed its certified financial statement as of September 30, 2000, with the Department. Petitioner represented that it has no creditors in the State of Arizona and has no remaining obligations or liabilities in the State of Arizona. Petitioner has a $100,000.00 statutory deposit with the Department and a $100.00 deposit with the Insurance Examiners’ Revolving Fund (“IERF”). Petitioner currently owes $603.85 to the IERF. Petitioner waived the notice requirements set forth in A.R.S. §41- 1092.05(D). CONCLUSIONS OF LAW Petitioner has complied with the provisions of A.R.S. §20-588 and A.A.C. R20-6-303, relating to the release of its $100,000.00 statutory deposit. RECOMMENDED ORDER Petitioner may file its Articles of Dissolution with the Arizona Corporation Commission. Petitioner is entitled to the release of its statutory deposit in the sum of $100,000.00 and the statutory deposit shall be released to the Petitioner after the Department has received the following: (a) payment of $603.85 to the IERF; (b) a copy of Petitioner’s Articles of Dissolution certified as having been filed with the Arizona Corporation Commission; and (c) a fully executed Form E126 (Notice of Trust Deposit Release). The statutory deposit cannot be released until the Department receives a fully executed copy of the official State Treasurer Release Receipt Form E101. The sum of $100.00 previously credited to the IERF shall be refunded to the Petitioner, pursuant to A.R.S. §20-159. Petitioner shall file its 2000 Annual Statement with the Department, . . . . . . . . . together with all applicable fees, unless Petitioner files its Articles of Dissolution with the Arizona Corporation Commission on or before December 31, 2000. Done this day, December 19, 2000.

______________________________________ Lewis D. Kowal Administrative Law Judge

Original transmitted by mail this ____ day of ____________, 2000, to:

Department of Insurance Charles R. Cohen 2910 North 44th Street, Ste. 210 Phoenix, AZ 85018

ATTN: Curvey Burton

By ___________________________

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Office of Administrative Hearings 1400 West Washington, Suite 101 Phoenix, Arizona 85007 (602) 542-9826