More than 300,000 current and former policyholders of General American Life Insurance Co. will soon receive $75 million in distribution payments, according to the Missouri Department of Insurance.
In 1999, the Missouri DOI placed General American’s parent company, General American Mutual Holding Co., into receivership.
This is the fourth distribution to policyholders since the company went into receivership. General American was a mutual insurance company, which means it was owned by its policyholders.
The Department of Insurance continues to seek to increase the remaining assets of General American in order to pay outstanding obligations. In May, Director John M. Huff, as receiver, filed a $3 billion lawsuit against the law firm of Dewey LeBoeuf in New York City, which represented General American in the late 1990s.
General American Mutual Holding Co. is one of 11 insurance receiverships in Missouri. All are under the oversight of the Department of Insurance.
Source: Missouri Department of Insurance, Financial Institutions & Professional Registration
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