New Jersey Department of Banking and Insurance Commissioner Richard J. Badolato announced that the Department has petitioned the Superior Court of New Jersey, Chancery Division to place the Clark-based auto insurer IFA Insurance Company into liquidation. Last year, IFA Insurance Company withdrew from the New Jersey auto insurance market and began the process of running off its business under the Department’s supervision.
IFA also operated in Pennsylvania, Delaware and Maryland. The carrier has no active auto insurance policies in force in New Jersey, Pennsylvania and Delaware, and the approximately 400 active policies in Maryland will expire on or before March
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