In 2008, MSIC went into receivership to protect its over 6,000 policyholders. Having fallen on hard times, the company faced substantial financial hurdles. On the bright side (and in a bit of irony), policyholders were transferred to Golden Rule.
Reason I bring this up is that I had written a couple cases with MSIC back in the day, and over the weekend I received a "Notice of Hearing" for final liquidation of the firm's assets.
"[T]he Liquidator reports that all assets and/or property ... have now been recovered ... does not have sufficent assets ... no MSIC assets are available for payment."
Shorter: if you think MSIC owed you anything, don't count on it.
The better, more positive lesson for me, though, is that this doesn't affect policyholders: the system worked, and they weren't left holding the bag.
Well, at least not by the Indiana Department of Insurance.