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Difficulties continue for the troubled United Republic Life Insurance Co., a Utah insurance company that was seized by the Utah Insurance Department last September, and is currently being administered by the Utah Insurance Commissioner, Robert E. Wilcox, under an order of rehabilitation.
On April 15, a United States District Court Grand Jury issued an indictment of J. Darrell Jordan, a former executive officer of United Republic Life Insurance Company, for money laundering and conspiracy to commit money laundering. Despite indictment, every defendent is presumed innocent, unless and until found guilty beyond a reasonable doubt following a trial at which the defendent has all of the trial rights guaranteed by the U.S. Constitution and federal law. Arraignment is expected soon and, if found guilty, Mr. Jordan could be subject to a maximum jail term of 45 years and a maximum fine of $750,000.
The Utah Insurance Department has been attempting to secure the assets of United Republic Life Insurance Company in order to protect policyholders, creditors and the public, but has been thwarted in those attempts by legal maneuverings.
In light of the federal charges and the substantially increased risk of loss to policyholders, creditors and the public, the Insurance Commissioner has filed a “petition for liquidation order” with the Third District Court in Salt Lake City. Commissioner Wilcox believes that an order of liquidation could enhance the likelihood of securing the company’s assets before further losses occur.
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