Missouri’s Cameron Mutual Positioned Into Liquidation

Cameron Mutual Insurance coverage Firm has been positioned into court-supervised liquidation efficient December 1, 2023, the Missouri Division of Commerce and Insurance coverage (DCI) introduced.

Chlora Lindley-Myers, Director of the Missouri Division of Commerce and Insurance coverage has been named liquidator of Cameron Mutual.

Cameron Mutual offers property and casualty insurance coverage, and its traces of enterprise embody private (primarily owners and auto protection), industrial, and farm. The Cameron, Missouri-based firm skilled vital losses throughout 2023 which brought on a speedy discount in Cameron Mutual’s policyholder surplus. Cameron Mutual’s surplus dropped from $16.4 million as of March 31, 2023, to $3.4 million as of June 30, 2023.

The corporate introduced earlier this yr that it might wind down its insurance coverage operations by non-renewing insurance policies.

Cameron Mutual was positioned below Administrative Supervision on July 6, 2023. Efficient July 12, 2023, the Board of Administrators for Cameron Mutual and Cameron Nationwide Insurance coverage Firm resigned. On August 7, 2023, the Courtroom entered an Order of Rehabilitation ofCameron Mutual and appointed the DCI Director because the rehabilitator. Throughout rehabilitation, the rehabilitator inspired policyholders to change their insurance policies to a different service and approved cost of unearned premiums as much as at the very least $10,000. Nevertheless, as a result of Liquidation Order of Cameron Mutual, cost of unearned premium refunds shall be suspended till such claims are decided within the Courtroom-supervised liquidation continuing.

Cameron Nationwide is just not a part of the Liquidation Order and can stay in rehabilitation.

DCI is charged with defending Missouri shoppers by means of oversight of the insurance coverage business, banks, credit score unions, utilities, and numerous skilled licensees working within the state.

Extra info may be discovered at dci.mo.gov.

Supply: DCI

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Missouri