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