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The Hon. Jim Atterholt
Dear Commissioner Atterholt:
On December 18, 2008 Standard Life Insurance Company of Indiana was placed into Rehabilitation pursuant to Order of the Marion (IN) Circuit Court, Cause No. 49CO1 08 12 MI 057122. Due to these actions in the state of domicile, Standard Life Insurance Company does not qualify for continuing authority to transact insurance in the State of Maine pursuant to the provisions of 24-A M.R.S.A. §§417(2)(A) and 417(3).
In light of the foregoing, please be advised that the Certificate of Authority of Standard Life Insurance Company of Indiana to transact insurance in Maine is hereby suspended indefinitely effective immediately as of the Date of this Order. During the term of the suspension, Standard Life Insurance Company of Insurance may not transact any new insurance business in Maine, but will be able to continue to renew and service existing business. Standard Life Insurance Company of Indiana will continue to be responsible for filing its annual statement and for paying any required fees, licenses and taxes. Counsel to the Rehabilitator has advised the Superintendent that the Rehabilitator consents on behalf of Standard Life Insurance Company of Indiana to the entry of this Order of Suspension on the basis of the company’s Rehabilitation. Therefore, pursuant to 5 M.R.S.A. § 9053(2), the hearing provided under 24-A M.R.S.A. § 417(3) is deemed to be waived. This order constitutes a final agency action of the Superintendent of Insurance.
Last Updated: August 22, 2012
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