Sunstates Corp/DE – ‘8-K’ for 12/10/96

As of:  Tuesday, 12/24/96   ·   For:  12/10/96   ·   Accession #:  103575-96-7   ·   File #:  1-05300

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     11K 
 2: EX-99       Miscellaneous Exhibit                                  7±    27K 

8-K   —   Current Report
Document Table of Contents

8-K
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SECURITIES AND EXCHANGE COMMISSION          
WASHINGTON, D. C. 20549         

FORM 8-K          

CURRENT REPORT          

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934          

Date of Report (Date of earliest event reported)   December 10, 1996            

SUNSTATES CORPORATION               
(Exact name of registrant as specified in its charter)          

Delaware            1-5300              22-1664434        
(State or other jurisdiction   (Commission      (I.R.S. Employer                
of incorporation)             File Number)     Identification No.)            

4600 Marriott Drive, Suite 200, Raleigh, North Carolina  27612              
(Address of principal executive offices)           (Zip Code)               

Registrant's telephone number, including area code 919-781-5611                 

(Former name or former address, if changed since last report.)              

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Item 3.  Bankruptcy or Receivership                                           

Effective Monday, December 2, 1996, Sunstatates' insurance subsidiaries,        
Coronet Insurance Company, National Assurance Indemnity Company, Crown          
Casualty Company (collectively referred to as Coronet), as well as Casualty     
Insurance Company of Florida, each voluntarily suspended issuing all new or     
renewal policies.  Coronet informed the Illinois Department of Insurance        
that its continuing underwriting losses coupled with declines in the value      
of its investment portfolio had reduced its statutory surplus to less than      
the minimum amounts required under insurance regulations.  On December 3,       
1996, the Illinois Department of Insurance issued a Cease and Desist Order      
prohibiting Coronet from issuing new or renewal policies in any of the 28       
states in which it is authorized to conduct business.                           

On December 10, 1996, Coronet consented to an Order of Conservation             
appointing the Director of Insurance of the State of Illinois as Conservator    
of Coronet.  The Order of Conservation authorizes the Conservator to take       
possession and control of the property, books, records and assets of Coronet    
and to supervise their business and affairs in an effort to conserve their      
assets.  The Order contains a temporary moratorium upon the payment of all      
claims and loss related expenses subject to certain hardship provisions as well 
as other contractual obligations of Coronet, until further order of the court,  
as well as an injunction prohibiting suits against Coronet outside of the       
conservation proceedings.  Under the terms of the Order, Coronet will be        
allowed to continue its efforts to secure approximately $20 million of new      
capital to allow Coronet to resume writing new or renewal policies.  However,   
if Coronet is unsuccessful in obtaining such capital prior to December 23,      
1996, the Director of Insurance is authorized to initiate the liquidation of    
Coronet.  Coronet was unable to secure the new capital.                         

Item 7. Financial Statements and Exhibits                                     

(c) Exhibits                                                                    

99.  Order of Conservation                                            

SIGNATURES        
Pursuant to the requirements of the Securities and Exchange Act of              
1934, the registrant has duly caused this report to be signed on its            
behalf by the undersigned hereunto duly authorized.                             

                       SUNSTATES CORPORATION

                      /s/ Glenn J. Kennedy
Date: December 24, 1996                  Glenn J. Kennedy                       
                         Chief Financial Officer

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SECURITIES AND EXCHANGE COMMISSION            
Washington, D.C.            

EXHIBITS            

FORM 8-K            
CURRENT REPORT            

Date of Report                               Commission File Number             
December 10, 1996                                  1-5300                       

SUNSTATES CORPORATION           

EXHIBIT INDEX           

Exhibit No.         Exhibit Description                                         

99                  Order of Conservation                                       

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		12/24/96		2					8-K
		12/23/96		2
For Period End:		12/10/96		1		2
		12/3/96		2
		12/2/96		2
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