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Liquidation and Rehabilitation
Occurs when a state insurance commissioner takes control over an insurance company's assets when review of the insurer's annual report shows that the insurer is having major financial problems. The state insurance commissioner runs the insurance company in what is believed to be in the best interest of the policyowners, insureds, and creditors. If the insurance commissioner believes the insurer can be salvaged, he or she can order rehabilitation to reorganize the insurer's structure. If not, the insurance commissioner may find it necessary to liquidate the insurer.
Insurance Industry News from ProgramBusiness.com
Reducing Check-Processing TimeMichigan Insurance Company, a Grand Rapids, Mich.-based provider of commercial and personal insurance products, has expanded its use of IVANS Translation Services, streamlining the way it processes workers compensation medical bills and payments.
With the additional services, Michigan Insurance Company will accept a download of claims and payment information directly from its medical bill auditor. Previously, paper copies were shipped to the company, and adjusters entered the information manually. This process was time consuming and increased the possibility of errors. Now, the company can process checks without any manual intervention, speeding the payment process for its customers.
“IVANS understands the insurance industry and is experienced in developing and implementing solutions that meet our needs,” says Don Whitfield, information systems specialist, Michigan Insurance Company. “These new translation services save our adjusters from having to re-enter information, allowing us to reduce the time it takes to process checks from approximately 45 hours per week to just one hour per week.”
Michigan Insurance Company already uses IVANS software and services to handle translation to and from ACORD Standards for its agency upload and download transactions, as well as integration of the agency requests into their policy writing systems. The company also relies on IVANS for the delivery of these transactions using IVANS mailboxes.
For more information about the IVANS products and programs, visit http://www.ivans.com.
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