California insurance regulators won Superior Court approval...
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California insurance regulators won Superior Court approval to take over insolvent American Excel Insurance Co., an automobile insurer based in Des Moines, Iowa. A hearing was set for May 26 on the state’s proposal to liquidate the company. The company, whose principal offices are in Texas, voluntarily ceased doing business in California a year ago after the Department of Insurance threatened to close it. If liquidation is granted, all California claims on American Excel will be taken over by the California Insurance Guarantee Assn., said Insurance Commissioner Roxani M. Gillespie.
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