OTHER NEWS - Aug. 24, 1991
Small Los Angeles-Based Insurer Seized: Regulators said they seized Western Pacific Life Insurance Co. because it invested too heavily in risky, high-yield junk bonds and its parent company collapsed into insolvency. Insurance policyholders and annuitants with the small Los Angeles-based insurer will continue to receive 100% of their contract benefits, state Insurance Commissioner John Garamendi said in a statement. However, the seizure, approved by a Superior Court judge, will make it impossible for investors to cash out their policies or borrow against them. Western Pacific’s parent company, Guaranty Security Life Insurance Co., was seized Aug. 12 by Florida regulators.
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