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July 1, 2014
10:25 EDTORIOld Republic says NCDOI issues final order approving Corrective Plan
Old Republic International Corporation announced that the North Carolina Department of Insurance, NCDOI, issued a Final Order approving the Amended and Restated Corrective Plan submitted jointly on April 16 by its North Carolina domiciled mortgage guaranty insurance subsidiaries Republic Mortgage Insurance Company and Republic Mortgage Insurance Company of North Carolina. RMIC and RMICNC ceased writing new business in 2011 and began running off their in force business. They were placed under the NCDOI's administrative supervision the following year and ordered to defer the payment of 50% of all settled claims. The rate of deferred payment obligations was subsequently reduced to 40% later that year by the NCDOI. Under the Amended Plan, RMIC and RMICNC will pay off 100% of their DPOs accrued as of June 30 and will settle all subsequent valid claims entirely in cash, without incurring any DPOs. ORI will contribute $125M in cash and securities to RMIC. Both subsidiaries will remain under the supervision of the NCDOI as they continue to operate in run-off mode.
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