Source: http://www.caclo.org/perl/index.pl?document_id=6495dad726bdd878f74148bd06122d6b
Timestamp: 2019-04-22 04:32:50+00:00

Document:
October 24, 2002 - Fresno - California Insurance Commissioner Harry W. Low today obtained an Order of Liquidation for Alistar Insurance Company based on the worsening financial condition of the company. Alistar, which is domiciled in California, is headquartered in Fresno.
Since Commissioner Low's appointment as Conservator on April 11, 2002, he confirmed that Alistar's financial condition, as discovered in a limited financial examination concluded on March 21, 2002, revealed that Alistar's net surplus was $3,070,099 less than the amount required by California law. Further, Commissioner Low has not discovered any additional assets that could reasonably lead to rehabilitation. Therefore, pursuant to the Order of Liquidation, Commissioner Low will proceed to liquidate the business of Alistar. The company wrote workers' compensation, surety and non-standard auto insurance.
Anyone with questions about coverage may contact the California Department of Insurance Consumer Hotline at 800-927-HELP.
The Commissioner's status as Conservator is terminated, and he is appointed as Liquidator of Respondent, as set forth in Insurance Code §1016, and directed as Liquidator to liquidate and wind up the affairs of Respondent, to conduct the business of Respondent, or so much as thereof may seem appropriate, to pay or defer payment of all proper claims and obligations against Respondent accruing prior to or subsequent to his appointment as Liquidator of Respondent and to act in all ways and exercise all powers necessary for the purpose of carrying out such order.
The Commissioner as Liquidator or his successor in office, in his official capacity as Liquidator, is vested with title to all property and assets of Respondent, both those presently in Respondent's possession and those which may be discovered hereafter, wheresoever situated. All persons are enjoined from interfering with the Commissioner's possession and title thereto.
The Commissioner as Liquidator is authorized to appoint and employ special deputies, estate managers, other professionals, clerks and assistants and to give each of them such power and authority as he may deem necessary, and the Commissioner as Liquidator is authorized to compensate these persons from the assets of Respondent as he may deem appropriate.
The Commissioner as Liquidator is authorized to pay all reasonable costs of operating Respondent (including direct and allocated direct costs, direct and allocated general and administrative costs and overhead, and other allocated costs) out of funds and assets of Respondent; and if there are insufficient funds, to pay his costs out of the Insurance Fund, pursuant to Insurance Code §1035.
The Commissioner as Liquidator is authorized to invest Respondent's assets in such a manner as to him may seem suitable for the best interest of Respondent's creditors which funds are not immediately distributable to Respondent's creditors. No investment or reinvestment shall be made which exceeds the sum of $100,000 without first obtaining permission of this Court, except the Commissioner may invest or reinvest in excess of $100,000, but no more than the sum of $2,000,000 without prior approval if such investments are made pursuant to the attached investment guidelines, a true and correct copy of which is attached hereto as Exhibit "B". Further, the Commissioner shall file quarterly reports of such investments with the Court (with notice to all interested parties), such reports to be filed within 45 days of the end of each quarter. The first such report shall be filed no later than February 15, 2003. Subsequent reports shall be filed no later than 45 days after the end of each fiscal quarter in which investments are made pursuant to the authority granted hereunder.
The Commissioner as Liquidator is authorized, pursuant to Insurance Code §1037, subsection (g), and notwithstanding the provisions of 9. above, to invest and reinvest all assets in a manner he deems to be in the best interest of the creditors of the estate, including investing and reinvesting assets through an investment pool consisting exclusively of assets from conserved estates. To the extent that the Commissioner as Liquidator invests and reinvests through such an investment pool, such investments and re-investments may exceed $100,000.
The Commissioner as Liquidator is authorized, pursuant to Insurance Code §1037, subsection (d), to dispose of any excess property of Respondent by any commercially reasonable method, including, but not limited to, sales at public auctions or sales in bulk to the high bidder (provided at least three (3) independent dealers in the kind of property sold are given notice of the opportunity to bid).
All insurance policies issued by Respondent shall be terminated and canceled effective thirty (30) days following the issuance of this order, and the Commissioner as Liquidator shall notify promptly all policyholders and all bail bond or other surety agents of such policy termination and cancellation by First Class Mail at the last known address of such policyholders; in addition, the Commissioner as Liquidator, in his sole discretion, is authorized to terminate and cancel any policies issued by Respondent that are not covered by the preceding sentence or that were issued by a fronting insurer and reinsured, in whole or in part, by Respondent.
All persons are enjoined from instituting, prosecuting or maintaining any action at law or suit in equity, including but not limited to actions or proceedings to compel discovery or production of documents or testimony and matters in arbitration, except for matters before the Workers' Compensation Appeals Board, against Respondent or against the Commissioner as Liquidator of Respondent, and from attaching, executing foreclosure upon, redeeming of or taking any other legal proceedings against, any of the property or assets of Respondent, and from doing any act interfering with the conduct of said business by the Commissioner as Liquidator, except upon order from this Court obtained after reasonable notice to the Commissioner as Liquidator.
All persons are enjoined from interfering with the possession, title and rights of the Commissioner as Liquidator, in and to the property and assets of Respondent, and from interfering with the conduct of the Commissioner as Liquidator in the handling and disposition of assets of Respondent, and from interfering with the conduct of the liquidation and the winding up of the business of Respondent, except upon order of this Court obtained after reasonable notice to the Commissioner as Liquidator.
Any and all claims against Respondent (except those policyholder claims already pending against Respondent, which are hereby deemed filed with the Liquidator, who shall maintain a list of such claims), including those which in any way affect or seek to affect any of the assets of Respondent, wherever or however such assets may be owned or held, must be filed by no later than July 30, 2003, (the "Claims Bar Date"), together with proper proof thereof, in accordance with the provisions of Insurance Code §1010, et seq., including, but not limited to §1023, and any claim not filed by the Claims Bar Date is conclusively deemed forever waived.

References: §1016
 §1035
 §1037
 §1037
 §1010
 §1023