Midland Insurance was placed in conservancy.
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The order was issued in Los Angeles Superior Court after the California Department of Insurance determined that the company is $34 million short of the surplus necessary to cover liabilities of $116 million. Similar action has already been taken by Midland’s home state of New York. Midland wrote fire, marine, surety, disability, liability and workers compensation insurance. The order freezes the company’s assets and prohibits the conduct of new business.
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