Commissioner Grimes Seeks Assistance Regarding Diversified Industrial Group, 1988-06-30

Item — Box: 170, Folder: 8

Identifier: CAC_CC_017_3_170_8_0003

Staff Only

The Oklahoma Insurance Department has received concerning information about the financial status of Diversified Industrial Group, an ERISA exempt product being sold to Oklahoma citizens. The Department of Labor issued an opinion removing regulation of union-sponsored plans from the Oklahoma Insurance Department's jurisdiction. The Trust is dangerously insolvent, with a high ratio of claims to assets. The Insurance Department is asking for assistance from Congressman Glenn English to control the situation and prevent harm to citizens. They have also requested immediate action from the Department of Labor to regulate the bankrupt plan and ensure unpaid claims do not harm Oklahoma citizens.

Dates

1988-06-30

Creator

English, Glenn Lee, 1940- (Person)

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