Florida Office of Insurance Regulation Seeks to Suspend Insurance Company Tied to 1-800-ASK-GARY
Apr 26, 2013
The Florida Office of Insurance Regulation (“OIR”) announced late yesterday, April 25, 2013, that it has issued an Order seeking to suspend AGIC, Inc., an auto insurance company whose president is the same Sarasota chiropractor tied to the accident referral service of “1-800-ASK-GARY.”
An OIR investigation determined that AGIC Inc. is in unsound financial condition with a surplus under its required $4 million. The company also was late in filing financial statements and wrongly comingled funds from other sources to raise its surplus, according to the OIR order.
AGIC, Inc. has 21 days to file a petition requesting a proceeding to contest the OIR’s action, during which it remains licensed to operate in Florida.
To view the Order, click here.
To read Tampa Bay Times news coverage of the action, click here.
Should you have any comments or questions, please contact Colodny Fass& Webb.
Click here to follow Colodny Fass& Webb on Twitter (@CFTLAWcom)
To unsubscribe from this newsletter, please send an email to Brooke Ellis at bellis@cftlaw.com.