COLUMBUS - Liquidation of Physicians' Assurance Corp. has been completed, according to Mary Taylor, lieutenant governor and Department of Insurance director.
TPAC was ordered into liquidation Aug. 18, 2009.
"When an insurance company becomes insolvent, it is my job to protect consumers," Taylor said in a news release. "We took swift and necessary action to make sure consumers have new options for coverage and receive maximum payment for their claims."
The Department of Insurance worked with Ohio health insurers and agents to arrange for new coverage for policyholders to minimize the disruption from TPAC's liquidation. The department partnered with the Ohio Life and Health Insurance Guaranty Association to ensure claimants receive their shares of the $4.1 million in health benefits as soon as possible, she said.
Taylor obtained approval Oct. 25 for the final distribution of assets and TPAC closure. Historically, liquidations can take up to 10 years to resolve.
As part of the Department of Insurance, the liquidator's office has the ability in response to court orders to liquidate assets and resolve claims against an insolvent insurance company.
The office pays claims after reviewing of proof of claim.