ALJDEC

97A-209-INS · Department of Insurance · 1997-12-23

IN THE OFFICE OF ADMINISTRATIVE HEARINGS

HEARING: December 16, 1997

APPEARANCES: Frederick Berry, Jr., Esq. for Petitioner; Kurt Regner for the Arizona Department of Insurance

ADMINISTRATIVE LAW JUDGE: Lewis D. Kowal _____________________________________________________________________

On December 16, 1997, a hearing took place to consider the application of Sumbank 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, the Petitioner withdrew its request for the release of its statutory deposit due to a problem it encountered in providing proper notice by publication. Petitioner represented that in the future it would act to obtain the release of the 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 AND CONCLUSIONS OF LAW The Petitioner has surrendered its certificate of authority to the Arizona Department of Insurance (“Department”). The 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.

The Petitioner has no insurance obligations owing to it, whether by policies written direct or by reinsurance ceded to it. The Petitioner has filed its certified financial statement as of September 30, 1997, with the Department. Previously, Petitioner deposited the sum of $100.00 with the Insurance Examiners’ Revolving Fund (“IERF”) and during the hearing Petitioner requested the return of that deposit.

RECOMMENDED ORDER The undersigned Administrative Law Judge recommends that: The 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. The Petitioner file its 1997 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, 1997. Done this day, December 23, 1997.

______________________________________ Lewis D. Kowal Administrative Law Judge

Original transmitted by mail this ____ day of ____________, 1997, to:

Mr. John A. Greene, Director Department of Insurance 2910 North 44th Street, #210 ATTN: Curvey Burton Phoenix, AZ 85018-7256

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

Office of Administrative Hearings 1700 West Washington, Suite 602 Phoenix, Arizona 85007 (602) 542-9826