News Release

 

November 13, 2014

 

FOR IMMEDIATE RELEASE

 

Indiana Department of Insurance Assists with Dissolution of Farmers Mutual Insurance of Johnson and Shelby Counties

 As part of the dissolution process, policyholders receive checks payable to them from the surplus of the company.

 

 

Indianapolis – The Indiana Department of Insurance (IDOI) has been working closely with Farmers Mutual Insurance of Johnson and Shelby Counties (FMI) during the voluntary dissolution of FMI. As the company winds down its affairs, one remaining main step is to issue checks to FMI policyholders with policies during policy years 2006 to 2012, proportionately.

“The Indiana Department of Insurance worked diligently with FMI to ensure that the surplus is distributed fairly and expeditiously back to the policyholders. They are the rightful owners of that money and we intend to make sure they receive it,” said Indiana Department of Insurance Commissioner Stephen W. Robertson.

The total amount in checks being issued back to 3,951 policyholders across the state of Indiana is $634,899.72, which is the amount of surplus remaining after all debts were paid by the company. FMI received $16,152,488.17 in total premium from 2006 to 2012. The distribution amount for each policyholder will be unique to each individual, depending on the number of policies they had and the premiums they paid during 2006-2012.

Checks were mailed to policyholders by FMI on November 13, 2014. If any payments are returned undeliverable or not cashed, they will be deposited with the clerk of the circuit court in Johnson County, Indiana, to be distributed to the lawful owners, in accordance with Indiana Code 27-1-10-4.

The Indiana Department of Insurance (IDOI) protects Indiana's insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The IDOI monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The IDOI also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work. 

###

Media Contact:
Jenifer Groth, APR
 IDOI director of communication and outreach
 (317) 234-8582
jgroth@idoi.in.gov.