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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) November 28, 1994
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Reliance Group Holdings, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-8278 13-3082071
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Park Avenue Plaza, New York, New York 10055
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code 212-909-1100
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(Former Name or Former Address, if Changed Since Last Report)
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This Current Report on Form 8-K is being filed by Reliance Group Holdings,
Inc., a Delaware corporation (the "Company").
ITEM 5. OTHER EVENTS
On November 28, 1994, Reliance Insurance Company, the Company's principal
property and casualty insurance subsidiary ("Reliance"), received an order from
the outgoing insurance commissioner of California ordering Reliance to pay
refunds to its policyholders under California Proposition 103 totaling
$44,751,102, plus interest of 10% from May 8, 1989 through the date of payment.
Reliance understands that similar orders have been issued to 27 other insurance
companies, with the commissioner seeking a total of $1.25 billion in refunds
from the 28 carriers.
Reliance believes that, overall, it did not earn a fair rate of return on
its California business, and intends to contest vigorously the refund order and
the application to Reliance of the regulations pursuant to which it was issued.
The validity of the implementation of California's Proposition 103 rate rollback
requirement is being appealed to the Supreme Court of the United States by
another insurance company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: December 5, 1994
RELIANCE GROUP HOLDINGS, INC.
By: /s/ James E. Yacobucci
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Name: James E. Yacobucci
Title: Senior Vice President,
Investments
