OSD Mission Statement
Our mission is to achieve consumer protection through receivership resolution expertise and the execution of a resolution strategy appropriate to the unique circumstances of each troubled company estate, including maximization of asset recovery, fair disposition of claims, and timely delivery of assets to creditors.
OSD Latest News
Gateway Insurance Company ("GIC") (NAIC #28339), a/k/a "Gateway 2.0" On March 1, 2024, Gateway Insurance Company filed its 2023 Annual Statement reflecting a risk-based capital ("RBC") ratio that triggered an Authorized Control Level Event in accordance with 215 ILCS 5/35A-25(a)(1). On March 10, 2025, Gateway filed its 2024 Annual Statement, which reflects an improved but still statutorily insufficient RBC ratio.
In compliance with the applicable provisions of the Code, and in order correct Gateway's statutorily insufficient RBC ratio, Gateway's sole shareholder Buckle Corp., LLC ("Buckle") submitted an RBC Plan ("RBC Plan") on behalf of Gateway to the Illinois Department of Insurance ("IDOI") for its consideration. With minor alterations, IDOI approved Gateway's RBC Plan on June 13, 2025. As to the corrective actions contemplated in the RBC plan, Buckle has secured capital commitments from investors totaling $20 million, of which $8.2 million in funding will initially be contributed to Gateway to support its RBC requirements and its resumption of business. The funding will be a two-step process. First, in exchange for a Surplus Note Debenture, the investors will pay Gateway $4.7 million. That transaction, approved by the Supervising Court, occurred on September 25, 2025, thus removing the causes and conditions which made the rehabilitation proceedings necessary. Second, upon a petition filed by the Rehabilitator, the Court entered an order, dated September 29, 2025, terminating the rehabilitation proceeding and closing the Gateway estate. The investors then funded the remaining $3.5 million.
Illinois Movers & Warehousemen s Risk Management Group On August 12, 2024, the Supervising Court entered an order authorizing the issuance of a first and final dividend at the rate 33.2079% on all claims allowed at priority Level G of Illinois distribution schedule, and for the termination of the liquidation and dismissal of the proceedings without prejudice.
Lumbermens Mutual Casualty Company On February 13, 2024, the Supervising Court approved the Liquidator s Application for authorization to issue a 15% first interim dividend on all claims allowed, or to be allowed, at Level D of Illinois schedule of priorities. Details concerning the requirements for receiving a dividend check are set forth in the court s approval order which can be found here
Land of Lincoln Mutual Health Insurance Company ("Land of Lincoln") On July 19, 2023, the Supervising Court entered an order in accordance with 215 ILCS 5/210(3) authorizing the Liquidator to effectuate the issuance of a 100% (100 percent) dividend, payable from Estate Assets, on all claims allowed at Level F.