MAY 18, 2020 – Madison, Wis. – Insurance Commissioner Mark Afable took measures today to help protect nearly 200,000 individuals who have long-term care insurance or other insurance policies with Time Insurance Company. The Commissioner filed a petition and proposed order with the court that will allow the Wisconsin Office of the Commissioner of Insurance (OCI) to place Time Insurance Company in rehabilitation – meaning that a special deputy commissioner will be appointed to oversee the operations of the insurance company. Time Insurance Company will remain in rehabilitation while OCI further assesses operations and Time’s financial viability. During this period policyholder claims, creditors, and employees will continue to be paid.
“Our filing with the court today protects nearly 200,000 consumers across the country,” said Commissioner Afable. “State law requires me to act when our office believes an insurer is in financial trouble and that is what we have done today.”
Time Insurance Company is a Wisconsin-based insurer that, at one time, offered life, annuity, health, and long-term care insurance policies. In late 2014, Time made the decision to enter run-off — a process that meant the company was no longer writing new policies and was preparing to discontinue operations. As of June 30, 2019, Time had 199,268 policyholders of which 176,552 were still paying premium to Time.
All policyholders and creditors will be notified within 30 days. Within 60 days after the court enters the order, the Commissioner will submit a plan for rehabilitating Time Insurance Company to the Circuit Court of Dane County.
OCI named former Wisconsin Insurance Security Fund Executive Director Mark Femal of the Wisconsin-based accounting firm Strohm Ballweg as the special deputy commissioner for the rehabilitation.