Listen: California Insurance Guaranty Association, California And California Department Of Insurance discussed on Ben Maller
"DJBA show 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. In the meantime, Jennifer horn, Victoria, Keelan, and cares Jilin are here and lots of trending news. Ladies this one from my home state of California. And again a follow up to the campfire. Not only did the campfire kill dozens of people. It was the deadliest fire in California history. But it destroyed thousands of homes and that left insurance companies in really financial ruins. They're 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 applications after last month's campfire, and they are 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 think about the whole town is gone. It's wiped off the map. Yeah. And judge. Brian McCabe decision allows the California Department of insurance to take control of Mercer. 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 policyholders 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 are good standing members of this insurance company won't be forgotten just because the."