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The company has been in rehabilitation since July, when it revealed a negative surplus of at least $5.5 million. Ohio has no guaranty fund coverage for title insurance.
Franklin County Court of Common Pleas Judge Guy L. Reece II ordered Guarantee Title to be liquidated, under Hudson's authority. The company has offices in Ohio and Kansas and is licensed to operate in 16 states.
"The Ohio liquidator made genuine efforts to decrease the liabilities and expenditures through consolidations of operations and reduction of expenses," Hudson said in a statement. "That was insufficient to render the company solvent."
Policies will be terminated within 30 days, Hudson announced. Regulators are urging policyholders to seek new title insurance, which will likely come at an additional premium, officials said. Policyholders would then be eligible to submit a claim through the office of the Ohio Insurance Liquidator. Eligible claims will be settled through liquidation of Guarantee Title's remaining assets.
The Ohio Department of Insurance is unable to say at this time how many policyholders will be affected by the liquidation, Hudson said, as many have sold or refinanced their property. The Liquidation Office is working with Ohio title agents to notify known policyholders.
The postmark deadline for filing claims is Oct. 27, 2009.
(By Sean P. Carr, senior associate editor, BestWeek: Sean.Carr@ambest.com)
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