Afro-American Icon Golden State Mutual Life To Pass Into History
Commissioner Poizner today announced that Golden State Mutual Life Insurance Company has entered into a letter of intent with IA American Life Insurance Company to negotiate a reinsurance agreement to transfer all in-force insurance policies of Golden State Mutual.В As this blog reported on September 30, Golden State Mutual, the largest minority-owned life insurance company in California, was placed into conservation that day when the company’s surplus dropped below the minimum required. Golden State Mutual had recorded six consecutive years of net operating losses. The Commissioner said IA American Life Insurance Company, rated A- by AM Best, was the only bidder that satisfied all key components of the selection criteria.
February 26, 2010
Posted in: Blog