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    Discharged Insurance Company

    Quaker City Insurance Company

     

    • Notice of Liquidation
    • Question and Answer Form

    Email inquiries to ra-in-claims@pa.gov.

    Date of Liquidation:October 1, 1997
    Filing Deadline:October 1, 1998
    States Where Licensed:

    Delaware, District of Columbia, Maryland,NewJersey,Pennsylvania,Virginia, WestVirginia

    Type of Business Sold:Personal & Commercial Auto Liability, Physical Damage


    All active policies (other than those for New Jersey residents and those of a commercial nature) were purchased on the date of liquidation by:

    Newark Insurance Co. (A Robert Plan Corp. affiliate)
    P.O. Box 13607
    Philadelphia, PA 19101
    Telephone No.: (516) 576-3400

    The appropriate guaranty associations are processing outstanding claims up to the limits allowed in the appropriate guaranty association law, which occurred prior to the liquidation date or within 30 days thereafter as approved. All coverage for New Jersey and commercial policies was cancelled on normal expiration dates or 30 days from the date of liquidation, whichever was earliest. Any claims not covered by the guaranty associations have been filed against the estate. Once the estate has been finalized, claims will be paid to the extent funds are available to do so.

    The Commonwealth Court of Pennsylvania issued an Order of Discharge and Distribution for this estate on February 2, 2007.​

    Quaker City Assets and Liabilities

    Quaker City Insurance Company
    Estimated Net Assets Available and
    Estimated Liabilities
    As of 12/31/2006
    Estimated Net Assets Available
     
    		$7,859,404
    Estimated Liabilities
    Priority Class See Footnote 1
    A All class A claims paid at 100% 6,138,090
    Less:
    Liquidation Expenses Paid (4,734,838)
    B All class B claims paid at 100% 15,802,463
    C
    D
    E10,168,499
    F36,723
    G31,774
    H
    I
    Known but unevaluated claims
    Total Estimated Remaining Unpaid Liabilities$
    10,236,996
    Estimated Surplus (Deficit)$(2,377,592)


    The Financial Statement Disclosure is an integral part of this statement. It is necessary to read the disclosure to fully understand the statements.

    Footnotes:
    1 Priority Classes
    The order of distribution of claims from the insurer's estate is set forth in detail in Article V of the Insurance Department Act of 1921 at 40 P.S. 22144. Briefly the classes are:
    A Administrative expenses
    B Claims for policy benefits
    C Federal government claims
    D Certain employee claims
    E General creditor claims
    F Stateand local government claims
    G Late filed claims
    H Surplus or contribution note claims
    I Shareholder/owner claims.
    2 Priority Class A - Administrative Expenses
    Administrative expenses include both the Guaranty Associations expenses related to administering the claims of the companies in liquidation and the Liquidators expenses. As shown, the Liquidators expenses have been bracketed to indicate they have been paid and the net assets available were reduced by that amount. The net difference in this priority class, if any, represents administrative expenses incurred by the Guaranty Associations.

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