Conseco, Inc., the insurance holding company filed for bankruptcy on December 17, 2002. It is very important to note that the bankruptcy deals with the holding company that owns the insurers, not the insurance companies themselves. None of the Conseco owned insurance companies licensed in Wisconsin are in bankruptcy.

The bankruptcy of Conseco, Inc., the holding company, deals with how the bondholders, stockholders and lenders to the holding company, Conseco, Inc., will be paid, but does not affect the insurance companies or their operations. The insurers and their policies of insurance are not affected by the bankruptcy filing. Day-to-day operations of the insurers, such as claim payments, premium billings, agent commissions, etc., are all unaffected by the action taken by the holding company on December 17.

The Conseco owned insurers are licensed and in good standing with the Wisconsin Office of the Commissioner of Insurance (OCI), and continue to operate normally. The state of Texas is the direct regulator of most of the insurers in the Conseco group. The Texas Department of Insurance is in close contact with Conseco, Inc., and has taken the necessary actions to protect the insurers from effects of the holding company's financial troubles. The OCI has been in regular contact with the Texas Department of Insurance and has been monitoring the progress of the Conseco, Inc., situation.

The bankruptcy will reorganize the holding company's debt. It is expected that the insurers will remain under the current ownership in the near future. It is possible one or more of the Conseco insurers could be sold to a new holding company group in the future, however, even if that occurred, the insurance policies issued by the companies would not be impacted.

Conseco insurers licensed in Wisconsin are:

Conseco Annuity Assurance Co
Conseco Health Ins Co
Conseco Life Ins Co
Conseco Medical Ins Co
Conseco Senior Health Ins Co
Bankers Life and Casualty Co
Bankers National Life Ins Co
Colonial Penn Life Ins Co
Pioneer Life Ins Co
Washington National Life Ins Co