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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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): June 22, 2005
REGAN HOLDING CORP.
(Exact name of registrant as specified in its charter)
California 000-19704 68-0211359
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
2090 Marina Avenue
Petaluma, California 94954
(Address of principal executive offices)
(707) 778-8638
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.02 Termination of a Material Definitive Agreement
On June 22, 2005, Regan Holding Corp. (the "Company") terminated the Purchase
Option Agreement (the "Option Agreement") between the Company and SCOR Life U.S.
Re Insurance Company ("SCOR") dated as of July 1, 2002. Pursuant to the terms of
the Option Agreement, the Company had an option to purchase the outstanding
capital stock of Investors Insurance Corporation ("Investors Insurance"), a
wholly owned subsidiary of SCOR, at any time on or prior to June 30, 2005, or to
terminate the Option Agreement if the A.M. Best rating of Investors Insurance
fell below a specified level. The A.M. Best rating of Investors Insurance fell
below the specified level. The Company has terminated the Option Agreement and
requested a refund, with interest, of all option fees paid pursuant to the
Option Agreement, which the Company calculates to be approximately $3.3 million
as of June 20, 2005.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits.
Exhibit 99.1 Letter to SCOR regarding termination of the
Purchase Option Agreement.
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SIGNATURE
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.
REGAN HOLDING CORP.
(Registrant)
Date: June 24, 2005 /s/ R. Preston Pitts
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R. Preston Pitts
President, Chief Financial Officer and
Chief Operating Officer