Listen: California Insurance Guaranty Association, California And Mercedes discussed on On Air with Doug, Jen and Victoria
"At seven minutes past the hour. Dougie is out today. But he'll be back soon. Just a couple of days away, the big triumphant return of a tongue. In the meantime, Jennifer horn, Victoria, Keelan and carriage Dylan are here and lots of trending news. Ladies this one for my home state of California. And again a follow up to the campfire. Not only did the campfire kill dozens of people. It was a deadliest fire in California history. But it destroyed thousands of homes, and that left insurance companies in really financial ruins are unable to pay the millions of dollars to the policy holders to get those claims paid out a state judge ruled that Moore said property and casualty company can't meet its obligations after last month's campfire. And there about their assets are about twenty three million, but it faced sixty four million dollars in outstanding liabilities just in the city of paradise alone. According to court filings. It's a crazy. The judge in the I mean think about it. The whole town is gone. It's wiped off the map and judge. Brian McCabe decision allows the California Department of insurance to take control of Mercedes because it's insurance company cannot afford. It goes under basically because they can't afford to pay out those claims, according to court documents the state's conservation and liquidation office will start liquidating what's left of the company. Unlike with bankruptcy where a business or individual can start. Over liquidation means there's just no hope for the company's recovery. Fortunately for the policy holders at Mercedes' policyholders. They are covered by the California insurance Guaranty association, which protects resident claimants in the event of the insurance company's insolvency. So the people who have the policies and had been paying and our good standing members of this insurance company won't be forgotten just because the."