ALJDEC

01A-263-INS · Department of Insurance · 2001-12-13

IN THE OFFICE OF ADMINISTRATIVE HEARINGS

HEARING: December 12, 2001 APPEARANCES: Steve Pinkham, Vice-President for Arbor Life Insurance Company; Kurt Regner for the Arizona Department of Insurance ADMINISTRATIVE LAW JUDGE: Lewis D. Kowal _____________________________________________________________________

On December 12, 2001, a hearing took place to consider the application of Arbor Life Insurance Company (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. During the hearing, Petitioner withdrew its request for the release of its statutory deposit. 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 June 30, 2001, with the Department. Petitioner subsequently filed with the Department an affidavit executed by Petitioner’s president and secretary dated November 9, 2001, attesting to the fact that there has been no material change in Petitioner’s financial condition since June 30, 2001. Petitioner has a $100.00 deposit with the Insurance Examiners’ Revolving Fund (“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 with A.A.C. R20-6-303, relating to withdrawal from the insurance business and release of the IERF deposit. RECOMMENDED ORDER Petitioner may file its Articles of Dissolution with the Arizona Corporation Commission. The sum of $100.00 previously credited to the IERF be refunded to the Petitioner, pursuant to A.R.S. §20-159. Petitioner shall file its 2001 Annual Statement with the Department, together with all applicable fees, unless Petitioner files its Article of Dissolution with the Arizona Corporation Commission on or before December 31, 2001. Petitioner shall pay its certificate of authority renewal fee if its Articles of Dissolution are not filed with the Arizona Corporation Commission by March 31, 2002. Done this day, December 17, 2001.

______________________________________ Lewis D. Kowal Administrative Law Judge

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

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

By ___________________________

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