There will be no delay in claim payments that should be paid by companies in the Superior National Insurance Group. Payment will be made in full and in timely fashion. Workers Compensation insurance polices are guaranteed without limit by the California Insurance Guarantee Fund. In order to assist insurance consumers, the Commissioner applies to the Superior Court of California for a conservation order to place a financially troubled company in conservatorship. When the Commissioner becomes the conservator of a company, an investigation by the CLO is initiated to determine if the company can be rehabilitated.
Every effort is made to enable the company to regain a strong financial footing.
However, if it appears at the time of conservation or at a later time that the company cannot be saved, then the Commissioner applies for a court order to liquidate the Company. If such a decision is called for, the Commissioner will seek a liquidation order from the courts. When a liquidation order is issued, the insurance company is closed and the process of selling the company's remaining assets begins. The goal of liquidation is to use the money acquired from selling the company's assets to pay off the company's debts and outstanding insurance claims. All outstanding workers compensation insurance claims that are approved for payment will be paid in full.