Pegasus Insurance Company

Estate Overview

Case Number CJ-2010-5131

Receivership Date

06/22/2010

Liquidation Date

08/12/2010

Policies Terminated

09/12/2010

Deadline to file Proof of Claim

02/08/2011

Closure Date

To be determined

Assistant Receiver

Terry K. Smith

Receivership Counsel

John O’Connor of Hall Estill

Judge

Don Andrews

Events and Information

09/06/2019 - Sixteenth Report Approved

The Oklahoma County District Court approved the Order Approving Receiver’s Recommendations as to Claims Made Subject of Receiver’s Sixteenth Report.

07/25/2019 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Sixteenth Report on Claims Evaluation and Setting Hearing Date.

07/19/2019 - Sixteenth Report Filed

The Receiver filed the Receiver’s Sixteenth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

02/08/2019 - Fifteenth Report Filed

The Receiver filed the Receiver’s Fifteenth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

08/08/2018 - Fourteenth Report Filed

The Receiver filed the Receiver’s Fourteenth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

02/08/2018 - Thirteenth Report Filed

The Receiver filed the Receiver’s Thirteenth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

10/19/2017 - Twelfth Report Approved

The Oklahoma County District Court approved the Order Determining Claims, Approving Receiver’s Twelfth Report on Claims.

08/11/2017 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Twelfth Report on Claims Evaluation and Setting Hearing Date for Receiver’s Twelfth Report.

08/08/2017 - Twelfth Report Filed

The Receiver filed the Receiver’s Twelfth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

05/16/2013 - Third Report Approved

The Oklahoma County District Court approved the Order Determining Claims, Approving Receiver’s Third Report on Claims.

02/07/2013 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Third Report on Claims Evaluation and Setting Hearing Date for Receiver’s Third Report.

02/05/2013 - Third Report Filed

The Receiver filed the Receiver’s Third Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

11/08/2012 - Amended Second Report Approved

The Oklahoma County District Court approved the Order Determining Claims, Approving Receiver’s Second Report on Claims.

10/16/2012 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s First Amendment to Second Report on Claims.

10/10/2012 - Amended Second Report Filed

The Receiver filed the Receiver’s First Amendment to Second Report on Claims and Recommendations as to Proofs of Claim Nos. 7 and 82.

08/30/2012 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Second Report on Claims Evaluation and Setting Hearing Date for Receiver’s Second Report.

08/08/2012 - Second Report Filed

The Receiver filed the Receiver’s Second Report on Claims and Request for Confirmation of Receiver’s Recommendations.

07/26/2012 - First Report Approved

The Oklahoma County District Court approved the Order Determining Claims, Approving Receiver’s First Report on Claims.

04/17/2012 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s First Report on Claims Evaluation and Setting Hearing Date for Receiver’s Report.

02/08/2012 - First Report Filed

The Receiver filed the Receiver’s First Report on Claims and Request for Confirmation of Receiver’s Recommendations.

08/12/2010 - Proof of Claim Form

A copy of the Proof of Claim form and Instructions uploaded.

08/12/2010 - Unconditional Assignment Form

A copy of the Unconditional Assignment form uploaded.

08/12/2010 - Notice of Liquidation

A copy of the Notice of Liquidation uploaded.

08/12/2010 - Liquidation Order Approved

The Oklahoma County District Court approved the Order of Liquidation With a Finding of Insolvency.

06/22/2010 - Rehabilitation Order Approved

The Oklahoma County District Court approved the Consent Order of Rehabilitation and Permanent Injunction.

Liquidation Information

Pegasus Insurance Company was placed into receivership for rehabilitation on June 22, 2010 by the Oklahoma District Court (CJ-2010-5131) due to financial impairment. Subsequently, on August 12, 2010, the court entered an Order for Liquidation with a Finding of Insolvency.

Pursuant to the Order and in accordance with Title 36 OKLA.STAT. §2007, all policies of insurance issued by Pegasus Insurance Company terminated and coverage under said policies was canceled effective no later than September 12, 2010 at 12:01 a.m.

For the protection of policyholders, the Order of Liquidation activates the State Guaranty Funds in the states where Pegasus is licensed to do business. It is believed that most claimants will be protected by their State Guaranty Fund subject to statutory limitations.

Premium and Premium Deposits

Premium deposits are subject to the priority of distribution of claims provision of the Oklahoma Statues.
Insured’s will be required to file a proof of claim with the Receiver. Insured’s will need to include with their proof of claim documentation of payment of the deposit to Pegasus Insurance Company.

Liabilities are fixed as of the liquidation date. Premium due on payroll prior to receivership will be offset against a premium deposit paid to Pegasus Insurance Company. Premium due on payroll on or after August 12, 2010 cannot be offset with the deposit.

Collection will be pursued for all premium due.