Following the dismissal of its lawsuit against the California Department of Insurance (CDI), California Insurance Company (CIC) has publicized its intention to have its “day in court” to make its case on why it should be allowed to redomesticate its business from California to New Mexico.
CIC initially filed a lawsuit against the CDI, to stop the regulator from placing the insurance company into conservatorship – a measure the insurer says is reserved only for insolvent companies or when there is a risk to policyholders. CDI had initially ruled that CIC’s redomestication to New Mexico did not present any risks to California policyholders, but later made an “about face” and waged a bad faith campaign against the insurer, according to CIC.
