Top Flight Now in Permanent Receivership in Okla.

May 27, 2005

Oklahoma Insurance Commissioner Kim Holland announced that Top Flight Insurance Company, an auto insurance carrier, has been placed into permanent receivership. The company previously was placed in temporary receivership until a May 20 hearing.

“Top Flight is going straight into liquidation, because there is no realistic hope of salvaging the company,” Holland said. “We want to make certain there is no major disruption for policyholders. Even though the company does not have funds available to pay claims, the Oklahoma Property and Casualty Insurance Guaranty Fund will financially back the coverage promised by the policies.”

All policies will be canceled in the next 30 days, and policyholders will receive a proof of claim form. Consumers may call the Office of the Assistant Receiver at (405) 947-0022 for additional information.

Top Flight’s annual reports indicate that its business was carried out and premiums were received in Oklahoma City by a managing general agent, Source General Agency Inc. This agency is also in receivership and is being liquidated.

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