SPRINGFIELD - An Agreed Order of Rehabilitation has been entered against Public Service Insurance Company (“Public Service”) and its parent corporation Public Service Mutual Holding Company by the Circuit Court of Cook County, Illinois (“Supervising Court”). Jennifer Hammer, Director of Insurance of the State of Illinois, has been affirmed as the statutory rehabilitator (“Rehabilitator”) for the companies.
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As of December 31, 2016 Public Service had a statutory surplus of $28,264,847 as it relates to policyholders. The Order of Rehabilitation provides that coverage under policies in force will remain in place through the expiration of their terms, and authorizes the Rehabilitator to continue to pay claims by or against the Public Service policyholders as well as assumed reinsurance claims in the ordinary course of business as they come due. In accordance with Illinois law, the Rehabilitator is preparing a plan of rehabilitation for the companies that will be presented to the Supervising Court for public hearing and approval.
Public Service is an Illinois domestic stock property & casualty insurance company located in New York City, New York. Public Service was previously organized as a mutual insurance company that, upon its conversion to a stock company, became a subsidiary of Public Service Mutual Holding Company.
Background
The Rehabilitator is represented by and is being assisted in the performance of her duties by the Illinois Office of the Special Deputy Receiver located at 222 Merchandise Mart Plaza, Suite 960, Chicago IL, 60654. A copy of the Order of Rehabilitation and additional information can be obtained at www.osdchi.com or by calling the Office of the Special Deputy Receiver at 312-836-9500.
About the Illinois Department of Insurance
The Department’s mission is to protect consumers by providing assistance and information, by efficiently regulating the insurance industry’s market behavior and financial solvency, and by fostering a competitive insurance marketplace. The Illinois Department of Insurance assists consumers with all insurance complaints, including health, auto, life, and homeowner. Consumers in need of information or assistance should visit the Department website at http://insurance.illinois.gov/ or call our toll-free hotline at (866) 445-5364.
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