ALJDEC

97A-223-INS · Department of Insurance · 1997-12-24

IN THE OFFICE OF ADMINISTRATIVE HEARINGS

|In the Matter of the Withdrawal of | |No. 97A-223-INS | | | | | |PARTNERS LIFE INSURANCE COMPANY | |RECOMMENDED DECISION | |(NAIC No. 90760), | |OF ADMINISTRATIVE | | | |LAW JUDGE | |Petitioner. | | | | | | | | | | |

HEARING: December 22, 1997 APPEARANCES: Thomas Wimberley for Petitioner; Kurt Regner for the Arizona Department of Insurance ADMINISTRATIVE LAW JUDGE: Lewis D. Kowal _____________________________________________________________________

On December 22, 1997, a hearing took place to consider the application of Partners 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 and refund of the $100.00 deposit to the Insurance Examiners’ Revolving Fund. 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 October 31, 1997 with the Department. RECOMMENDED ORDER The undersigned Administrative Law Judge recommends that: The Petitioner may file its Articles of Dissolution with the Arizona Corporation Commission. 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 24, 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