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Article: One long, long mission: it took 21 years to close the estate of the Mission Insurance Group. This is the story of why and how it took so long.(INSURANCE)
- Article from:
- Risk & Insurance
- Article date:
- March 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mission Insurance Cos. was one of 72 property/casualty insurers that failed during the period from 1984 to 1987 with an ultimate tab of $2.4 billion as of 1990. A congressional report, titled "Failed Promises: Insurance Company Insolvencies," prepared by the House Oversight and Investigations Subcommittee and released Feb. 7, 1990, followed more than a year of hearings and investigations into several insurer insolvencies, including Mission Insurance, Transit Casualty Co. and Integrity Insurance Co.
The report concluded that the state regulatory system at the time was "seriously deficient" in its ability to prevent such insurer collapses. Although the report did ...