N.H. Appoints Rehabilitator for Home Ins. Co.
NU Online News Service, March 6, 10:45 a.m. EST?What remains of the once mighty Home Insurance Company is being placed under even greater regulatory scrutiny.
The New Hampshire Insurance Department on March 5 appointed Insurance Commissioner Paula T. Rogers as rehabilitator of The Home, persuant to an order by the Superior Court of New Hampshire.
The Home, a New Hampshire domestic company that was placed into runoff in 1995 and has not written any new business since then, has been opertaing under department supervision since 1997. The Home's daily operations are being managed by Risk Enterprise Management Limited, which will continue in that role under the rehabilitation order.
The Department decided to increase its degree of regulatory oversight over The Home in response to recent adverse development in the property-casualty insurance industry in general. Especially hard hit have been those companies, such as the Home, that have asbestos liabilities dating back to the 1970s and before.
Because the Home is in runoff with no access to additional capital, The Home's directors voluntarily agreed to the rehabilitation order. The order gives the commissioner direct oversight over the company's assets, claims and reinsurance collections, according to the New Hampshire Insurance Department.
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