Ideal Mutual Insurance Company ("Ideal" or the "Company") was incorporated under the laws of the State of New York on November 17, 1944, and licensed as a mutual casualty insurer on December 28, 1944, with its principal office at 260 Madison Avenue, New York, New York. Ideal was authorized under its charter to transact the kinds of business specified in paragraphs 3, 4, 5, 6, 7, 8, 9, 10, 12, 13, 14, 15, 16, 19, 20 and 21 of Section 1113 and paragraphs d, e and f of Section 4107 of the New York Insurance Law. In addition to New York, Ideal was authorized to transact business in the other forty-nine (49) states, the District of Columbia, Puerto Rico, American Samoa, Guam, United States Virgin Islands and all the Provinces of Canada.
The Company was placed into liquidation on February 7, 1985. Upon approval of the Liquidation Order, 60 Guaranty Funds/Associations were triggered providing coverage to residents of their respective states.