EX-10.1
from 8-K
17 pages
1 Settlement Agreement This Settlement Agreement (The “Settlement Agreement”) Dated This 2nd Day of August, 2022 Is by and Among Dana Popish Severinghaus, Director of the Illinois Department of Insurance, Acting Solely in Her Capacity as the Statutory and Court Affirmed Liquidator (The “Liquidator”) of American Country Insurance Company (“American Country”), American Service Insurance Company (“American Service”), and Gateway Insurance Company (“Gateway”) (Each an “Insurance Company” and Collectively, the “Illinois Insurance Companies”), American Insurance Acquisition, Inc. (“Aiai”), and With Respect to Paragraphs 1-3 and 9-10, Infra Adrienne A. Harris, Superintendent of the New York State Department of Financial Services (The “Superintendent”), Solely in Her Capacity as Liquidator (The “New York Liquidator”) of Global Liberty Insurance Company (“Global Liberty”) (Unless Indicated to the Contrary, the Liquidator, Aiai, and the New York Liquidator Shall Hereafter Individually Be Referred to as a “Party” and Collectively Be Referred to as the “Parties”). Preliminary Statements A. Aiai Is the Record Holder of All of the Issued and Outstanding Shares of Capital Stock of Global Liberty; B. Aiai Is the Sole Equity Claim Holder in the Estates of Gateway, American Service, and American Country; C. on May 1, 2015, Aiai Made Payments to Each of Illinois Insurance Companies, and Each of the Illinois Insurance Companies Executed a Subordinated Surplus Indenture in Favor of Aiai (Each a “Surplus Note” and Collectively, the “Surplus Notes”) as Follows: Surplus Note Maker Original Principal Amount American Country $4,600.000
12/34/56
