PAULA Insurance Put In Conservation
NU Online News Service, May 2, 10:12 a.m.EST?California Insurance Commissioner Harry Low appliedfor, and was granted, a conservation order for PAULA InsuranceCompany by the Los Angeles County Superior Court last week.
The insurance department said that the 2001 annual statement forthe Pasadena-based company, filed on March 1, reported a negativepolicyholders' surplus of $22 million, which means PAULA InsuranceCompany is statutorily insolvent.
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