This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Old Republic Reports North Carolina Department Of Insurance Issuance Of A Final Order Approving The Flagship Mortgage Guaranty Subsidiary's Corrective Plan

Stocks in this article: ORI

CHICAGO, Dec. 3, 2012 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today announced that the North Carolina Department of Insurance ("NCDOI") has now issued a Final Order approving the Corrective Plan ("the Plan") submitted by its Mortgage Guaranty subsidiary on September 14, 2012.  The subsidiary, Republic Mortgage Insurance Company ("RMIC"), filed the Plan to effect a run-off of its insurance in force business with the following major objectives:

  • Provide for the payment of all valid claims settled on January 19, 2012 and thereafter in cash with respect to 60% of the total claim amounts, and with a Deferred Payment Obligation ("DPO") for the remaining 40% which will be retained in claim reserves until a future pay-out date;
  • Authorize RMIC to continue with its management of the DPO-based run-off plan during an estimated ten year period ending on December 31, 2021.  During this period RMIC would remain within ORI's ownership and control, as well as under NCDOI regulatory supervision as has been the case since January of this year.

The Final Order results from a Hearing held on October 16, 2012 by the NCDOI for consideration of the above-noted Corrective Plan.  At the Hearing the Plan was admitted into evidence as were the testimonies of NCDOI representatives and a senior RMIC executive.  Intervenors representing major stakeholders in RMIC's mortgage guaranty policies also attended the Hearing.  The stakeholders did not introduce any witnesses or evidence in opposition to the Corrective Plan.

The approval of the Plan notwithstanding, the NCDOI retains its regulatory supervisory powers to review and amend the terms of the Plan in the future as circumstances may warrant.

In making the announcement, A. C. Zucaro, Old Republic's chairman and chief executive officer, stated that "The approval of RMIC's Corrective Plan affords necessary stability and support for an orderly and economically effective run-off of RMIC's mortgage guaranty book of business.  We have a very good operating platform and, most importantly, a highly qualified group of associates dedicated to achieving the run-off objectives within limits of RMIC's own financial resources.  Moreover, the retention of RMIC's ownership for an extended future period will lend further support to those objectives, and be conducive to the stable management of Old Republic's consolidated capitalization."

The complete Final Order and the approved RMIC Corrective Plan have been posted on ORI's ( and RMIC's ( websites.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs