Lincoln General will soon disappear. With an A.M. Best of "B-", and counterparty ratings in the same tank (more importantly Kingwsay Reinsurance) this company will be in either rehabilitation, conservation, or liquidation no later than the 2nd quarter of 2009 by the Pennsylvania Department of Insurance.
Thank you for the clarification. McCarran-Ferguson tends to complicate things somewhat.
Because of that 1945 act, there are 50 different ways to handle a troubled carrier (despite what the NAIC might say). I'm not concerned about the "steps". I'm concerned about the outcome - we do things differently in this state, which might not necessarily follow the Pennsylvania recipe.
The fact of the matter is that Lincoln General has been placed under a microscope by the Pennsylvania Department of Insurance and that Lincoln General's parent was officially put on notice that some regulatory action is imminent. I don't particularly care where Lincoln General is in the Pennsylvania Department of Insurance's four step flow chart.
The process isn't important. The fact that the regulators in Lincoln's state of domicile are involved IS important - particularly to policy holders. Kingsway's press release last week about their third quarter results was compelling, and I suggest you read it.
you are correct--14yrs ins. co. exec and 30 yrs mga--this co. is toast.with classes of biz they have been taking on--very hard for them to survive--claims made will help on some classes but the auto and contr. deadly--good luck 818-591-3010