Idaho filed to freeze Mission American’s assets.
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The state’s Department of Insurance acted after California took over the Mission Insurance Group unit and sought court authority to liquidate five other subsidiaries of the Los Angeles-based company. Idaho will seek court permission to pay claims against the company, using Mission American’s assets in that state to protect up to 1,000 residents who have claims. If these assets prove inadequate, the Idaho Guaranty Assn., funded by the state’s healthy insurance firms, could be tapped.
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