On April 8, 2010, the Michigan Office of Insurance Regulation’s (“OFIR”) Commissioner Ken Ross obtained an order from a Michigan Circuit Court placing American Community Mutual Insurance Company (“American Community”) into rehabilitation and naming Ross as the company’s rehabilitator.
Last Wednesday, the court approved a Transition Plan Agreement submitted by the OFIR which provides 42,000 of American Community’s insured individuals in 15 states the option to transfer their coverage to UnitedHealthcare’s Golden Rule Insurance Company (“Golden Rule”) on a guaranteed basis and without any lapses in coverage. The OFIR’s press release indicated this will help American Community’s customers remain continually insured by giving them access to quality and affordable health-care coverage from Golden Rule, a well respected and financially sound insurer.
Starting in July, Golden Rule will be mailing letters to the eligible American Community customers with the details of the offer.
This means an end to American Community. Any AC policy holder needs to take advantage of this offer.