Virginia regulators have approved the distribution of assets from Richmond, Va.-based Interstate Mutual Fire Insurance Co.

The carrier was placed under voluntary suspension Nov. 25, 2008, at the request of its president because it failed to maintain 100 members, as required by state law, according to Virginia State Corporation Commission Bureau of Insurance records.

On Sept. 8, 2008, the company filed articles of dissolution, approved by its board Aug. 17, 2007.

The assets of Interstate Mutual Fire Insurance Co. will be distributed, after all other expenses were paid, to members who owned policies in 2005, 2006 and 2007, records show.

When the dissolution is complete, the company will surrender its insurance licenses to operate in Virginia.

This story originally appeared in the September 2009 print edition of Insurance & Financial Advisor.