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Florida Company Ordered to Stop Selling Insurance
03/18/09 - 02:07 PM
Associated Press
Tallahassee, Fla:
State insurance regulators are ordering People?s Trust property insurance company to stop selling policies.
Florida Insurance Commissioner Kevin McCarty says the Boca Raton-based company grew too quickly and failed to follow its business plan with the state. The company has 30 days to come into compliance.
People?s Trust had written more than $22 million worth of business by the end of 2008, but was supposed to be around $18 million.
A spokesman for the Office of Insurance Regulation says current customers are not affected by the order.
Spokesman Ed Domansky says People?s Trust will have to prove that they have enough reinsurance and that all of their personnel are licensed as agents.
03/18/09 - 02:07 PM
Associated Press
Tallahassee, Fla:
State insurance regulators are ordering People?s Trust property insurance company to stop selling policies.
Florida Insurance Commissioner Kevin McCarty says the Boca Raton-based company grew too quickly and failed to follow its business plan with the state. The company has 30 days to come into compliance.
People?s Trust had written more than $22 million worth of business by the end of 2008, but was supposed to be around $18 million.
A spokesman for the Office of Insurance Regulation says current customers are not affected by the order.
Spokesman Ed Domansky says People?s Trust will have to prove that they have enough reinsurance and that all of their personnel are licensed as agents.