The battle for insolvent Korea Life Insurance Co. is now in the courts, with the government ordered not to proceed with plans to scrap the company’s shares.”Given that the court needs time to deliberate, implementation of the decision by the Financial Supervisory Commission, including the scrapping of shares, will be suspended until Aug. 31,” a […]
Unable to come up with $6.8 billion immediately last week, General American Life Insurance Co. sought the protection of the Missouri insurance department.A department spokesman said General American’s 300,000 policy and annuity holders are not at risk ”based upon what we know of the company - and we know a lot.” The department will now […]
Moody’s rating agency cut General American Life Insurance Co.’s financial rating after saying that it wouldn’t, General American Chief Executive Richard Liddy charged Wednesday.That cut triggered a $6.8 billion dollar run on General American by institutional investors, throwing the company into crisis. According to Liddy, Moody’s Investor Services told General American that its rating would […]