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Public Notices
The Mississippi Insurance Guaranty Association website
is general in nature and the intent is to provide helpful
and needed information on an on-going basis. This information
will be updated as matters develop or new information
is received. We hope you will find this site helpful
and informative as to protection of policyholders and
claimants in the event of an insurance company insolvency
and liquidation.
IMPORTANT UPDATE:
8-3-06
The Texas Travis County Court has issued a finding
of insolvency and liquidation order for the following
companies of the “Vesta Insurance Group” effective
August 1, 2006:
Shelby Casualty Insurance Company
The Shelby Insurance Company
Vesta Fire Insurance Corporation
The order provided that Vesta Insurance Corporation
will not be liquidated but will remain subject to the
previously issued order of rehabilitation. In the event
of pending claims in Mississippi, this order will trigger
the Mississippi Insurance Guaranty Association Law
for those companies licensed to sell direct insurance
in this state. The association covers certain
claims for certain policy losses and unearned premiums
of policies issued by the insolvent insurers, up to
certain statutory limits. Please review the MIGA website
for full statutory provisions and requirements.
All current policies will be terminated effective
August 24, 2006. Policyholders should contact
their agents as soon as possible to secure new insurance
coverage.
An estate Deputy Receiver has been appointed who will
be responsible for assembling necessary files and information
which will be passed onto the applicable Guaranty Association
to be handled according to the state insurance guaranty
law.
Policyholders of these companies should continue to
notify those companies of new claims or lawsuits according
to normal procedure. Pending lawsuit activity is stayed
for a six (6) month period according to statute. It
will take some time before files will be received in
the Guaranty Association and will take some time to
establish and review the cases.
Contact information and statutory information are
elsewhere on the MIGA website.
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