Integrity Insurance

INTEGRITY INSURANCE COMPANY was placed in liquidation by order of the Superior Court of New Jersey-Bergen County on March 24, 1987. See Notice of Liquidation for details. At the close of this day, my assignment as Deputy Liquidator for Integrity Insurance Company in Liquidation ends. The following notice conveys that event. Click here to download.... We have added Judge Wilsons Order formally closing the Estate to this web site. If you wish to download it, click on the downloads icon above. You may recall that the Courts March 28, 2014 Order authorized the Estate closing and provided for approval of a number of future steps incident to that closing, e.g., distribution of some $35 million of remaining assets, escheating of unclaimed funds, destruction of records and a final accounting to the Court. It is this last matter that was the principal subject of the motion leading to Judge Wilsons Order of January 6, 2016. All Estate operations are now complete and the Estate is liquidated. Would that such a result could have been effected years earlier. As many of you know, the Liquidator sought an early closing of the Estate using estimation techniques common in federal bankruptcy. Because such techniques are not specified in state statutes, including those of New Jersey, we sought judicial authority. Judge William C. Meehans insightful order of July 21, 2004 provided that authority but a later Appellate Division order reversed it. Fortunately, the N.J. Supreme Court (NJSC) recognizing the hollowness of that appellate reversal sanctioned its appeal. Notwithstanding the NJSCs understanding of what the Liquidator endeavored to do, the Court in a 3-2 decision concluded that the Estate could not use estimation techniques for certain claim liabilities. The NJSC decision near the end of the Estates 20th year of operation left the Liquidator with the choice of continuing operations for an undetermined period or cutting off further claims. The latter course of action was chosen and the Courts order of June 20, 2008 authorized ...Read More