The Maryland Insurance Administration has ordered the end of new and renewal business for an Oklahoma insurer recently ordered into liquidation.
Beth Sammis
In an order dated May 25, acting Maryland Insurance Commissioner Beth Sammis suspended Imperial Casualty and Indemnity Co., ending its operation in Maryland that dates back to 1963.
On May 12, an Oklahoma County District Court judge turned over control of Imperial Casualty to state insurance regulators following consent by its controlling stockholders to put the company into liquidation.
In her order, Sammis notes that Maryland insurance law requires Imperial Casualty to maintain capital stock totaling at least $750,000 and maintain a surplus at the same amount. Given the liquidation order and receivership by Oklahoma regulators, Sammis found that Imperial Casualty no longer meets the state requirement, “because it is insolvent and in a condition that renders further transaction of insurance business hazardous to its policyholders or the public.”
Imperial Casualty issued casualty, marine, workers’ compensation and other coverage in Maryland and 46 other states.
Maryland regulators suspend insolvent Oklahoma insurer via IFAwebnews.com .
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