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									                                                                   KIM HOLLAND
                                                   OKLAHOMA INSURANCE COMMISSIONER
                                                   P.O. BOX 53408, OKLAHOMA CITY, OK 73152
                                                  (405) 521-2828

                       News Release
FOR IMMEDIATE RELEASE:                                            For more information contact:
Wednesday, May 25, 2005                                                            Diana Hartley
                                                             405-522-8398 or 405-206-9295 (cell)

    Insurance Commissioner Places Top Flight in
              Permanent Receivership
OKLAHOMA CITY – State Insurance Commissioner Kim Holland announced today that
Top Flight Insurance Company, an auto insurance carrier, has been placed into permanent
receivership. They were previously placed in temporary receivership until a hearing was
held May 20.

“Top Flight is going straight into liquidation, because there is no realistic hope of
salvaging the company,” said Holland. “We want to make certain there is no major
disruption for policyholders. Even though the company does not have funds available to
pay claims, the Oklahoma Property and Casualty Insurance Guaranty Fund will
financially back the coverage promised by the policies.”

All policies will be canceled in the next 30 days, and policyholders will receive a proof of
claim form. Consumers may call the Office of the Assistant Receiver at 947-0022 for
additional information.

Top Flight’s annual reports indicate that its business was carried out and premiums were
received in Oklahoma City by a managing general agent, Source General Agency, Inc.
This agency is also in receivership and is being liquidated.

The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible
for the education and protection of the insurance-buying public and for oversight of the
insurance industry in the state.


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