The State - News from March 31, 1985

An insurance company with 100,000 policy holders in California has been placed under control of the state Department of Insurance, which said the company had assets of $119 million and liabilities of more than $150 million. The state agency has been made conservator of Cal-Farm Insurance Co., a subsidiary of the California Farm Bureau, under a court order signed by Sacramento County Superior Court Judge John Sapunor. The firm will continue to operate under state supervision. “By becoming a conservator, the department can adjust claims of all policy holders in an equitable and orderly manner,” Insurance Commissioner Bruce Brunner said. The Farm Bureau also owns Cal-Farm Life Insurance Co., which was not affected by the court order.