Arkansas’ United House Insurance coverage was positioned in receivership by the Pulaski County Circuit Courtroom on September 6.
Arkansas Insurance coverage Commissioner Alan McClain was appointed receiver. United House consented to the receivership for the aim of its rehabilitation. The receivership doesn’t apply to its affiliate, Farmers House Mutual Insurance coverage Firm.
As receiver, the Arkansas commissioner will take possession of United House’s property, conduct enterprise, and take steps to rehabilitate the enterprise because the circuit court docket directs. If rehabilitation is just not possible, the commissioner will petition the Pulaski County Circuit Courtroom for an order of liquidation.
Based mostly in in Paragould, Arkansas, United House skilled a decline in its monetary situation attributable to substantial weather-related losses, the Arkansas Division of Insurance coverage stated in an announcement. The corporate is licensed to do enterprise in 9 states, however at present writes enterprise solely in Arkansas, Kentucky, Missouri, Oklahoma, and Tennessee.
“Latest pure disasters have had a devastating impact on companies all through the state and the nation, and sadly the insurance coverage business is just not immune,” McClain stated. “Our purpose with this course of is to be sure that the corporate’s policyholders with excellent claims get the cash they want and deserve. When you’ve got a coverage with United House, you might be nonetheless insured and you’ll nonetheless file a declare.”
United House policyholders will see their insurance policies proceed pursuant to their phrases and circumstances and claims might be submitted as standard.
Policyholders, claimants, brokers, brokers, or attorneys with questions in regards to the rehabilitation can contact United House at 800-467-0723 or Deputy Receiver Michael Surguine at 501-371-2776 or michael.surguine@Arkansas.gov.
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