ALJDEC decisions subject to certification as final

07A-181-INS · Department of Insurance · 2007-12-11

IN THE OFFICE OF ADMINISTRATIVE HEARINGS

HEARING: December 6, 2007 APPEARANCES: Werner Meyer, Esq. for Old Kent Financial Life Insurance Company; Kurt Regner for the Arizona Department of Insurance ADMINISTRATIVE LAW JUDGE: Lewis D. Kowal _____________________________________________________________________ On December 6, 2007, a hearing took place to consider the application of Old Kent Financial Life Insurance Company ("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 Order are made: FINDINGS OF FACT Petitioner has submitted its Certificate of Authority to 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 Petitioner's shareholder authorizing Petitioner to withdraw from the insurance business by dissolution. Petitioner has no insurance obligations, whether by policies written direct or by reinsurance ceded to it. Petitioner has filed its verified financial statement as of August 31, 2007 with the Department, within 60 days of the filing of the Application to Withdraw, which was filed with the Department on September 27, 2007. 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 also provided individual notice by mail to its known creditors, as evidenced by an affidavit. Petitioner has filed with the Department a fully executed Request for Release of Deposit Form E126CD. Petitioner has a $100,000.00 statutory deposit with the Department and a $100.00 deposit with the Insurance Examiners’ Revolving Fund (“IERF”). Petitioner waived the notice requirements regarding this public hearing. CONCLUSIONS OF LAW 1. Petitioner has complied with the provisions of A.R.S. § 20- 588 and with A.A.C. R20-6-303, relating to the release of its $100,000.00 statutory deposit. 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: (a) a copy of Petitioner’s Articles of Dissolution certified as having been filed with the Arizona Corporation Commission; and (b) an Official State Treasurer Receipt Form 101. The Director of the Department has no personal liability for the release of the statutory deposit made by her in good faith as provided in A.R.S. § 20- 588(B). The sum of $100.00 previously credited to the IERF shall be refunded to Petitioner pursuant to A.R.S. § 20-159. Petitioner shall file its 2007 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, 2007. . . . . . . Petitioner shall pay to the Department its 2008 certificate of authority renewal fee if Petitioner’s Articles of Dissolution are not filed with the Arizona Corporation Commission on or before March 31, 2008.

Done this day, December 11, 2007.

______________________________________ Lewis D. Kowal Administrative Law Judge

Original transmitted by mail this ____ day of ____________, 2007, to:

Department of Insurance Christina Urias, Director 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