ALJDEC

01A-262-INS · Department of Insurance · 2001-12-21

IN THE OFFICE OF ADMINISTRATIVE HEARINGS

HEARING: December 21, 2001 APPEARANCES: Edward Southon on behalf of WM Life Insurance Company and Kurt Regner on behalf of the Arizona Department of Insurance ADMINISTRATIVE LAW JUDGE: Lewis D. Kowal _____________________________________________________________________ On December 21, 2001, a hearing took place to consider the application of WM Life Insurance Company (the "Petitioner"), 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 At least 10 business days before the hearing of this matter, Petitioner gave special notice to creditors and policyholders of the Petitioner, setting forth the date, place, nature and purpose of the hearing, as evidenced by an affidavit of publication. Petitioner waived the notice requirements set forth in A.R.S. §41- 1092.05(D). Petitioner represented that it has no known creditors. The Petitioner has surrendered its certificate of authority to the Arizona Department of Insurance (“Department”).

Previously, the Petitioner filed with the Department its certified financial statement as of June 30, 1998, and arranged for the payment of insurance and non-insurance obligations of Petitioner. Petitioner has arranged for a guarantor for its financial obligations. Effective June 30, 1998, Petitioner was merged into SAFECO. The Articles of Merger have been filed with the Arizona Corporation Commission and the Department has received proof of such filing. Petitioner has a $1,100,000.00 statutory deposit with the Department. 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 $1,100,000.00 statutory deposit. RECOMMENDED ORDER Petitioner is entitled to the release of its statutory deposit in the sum of $1,100,000.00 and Petitioner’s statutory deposit shall be released to the Petitioner after the Department has received a fully executed copy of Form E126 (Notice of Trust Deposit Release). Done this day, January 2, 2002.

______________________________________ Lewis D. Kowal Administrative Law Judge

Original transmitted by mail this ____ day of ____________, 2001, to:

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

By ___________________________ -----------------------

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