An insurance company with 100,000 policy holders in California has been placed under control of the state Department of Insurance, which said the company had assets of $119 million and liabilities of more than $150 million. The state agency has been made conservator of Cal-Farm Insurance Co., a subsidiary of the California Farm Bureau, under a court order signed by Sacramento County Superior Court Judge John Sapunor. The firm will continue to operate under state supervision. "By becoming a conservator, the department can adjust claims of all policy holders in an equitable and orderly manner," Insurance Commissioner Bruce Brunner said. The Farm Bureau also owns Cal-Farm Life Insurance Co., which was not affected by the court order.