The Franklin County [Ohio] Court of Common Pleas granted an order on Feb. 28 placing Acceleration National Insurance Company, an Ohio-domiciled property and casualty company based in Simsbury, Conn., into liquidation. The company had been in court-ordered rehabilitation since Nov. 29, 2000. In its Sept. 30, 2000, financial filing, Acceleration National reported surplus of less than $750,000, which falls below the required statutory minimum surplus amount. Court approval of the liquidation triggers state guaranty association funds to cover benefit payments to Acceleration National insureds. Acceleration National primarily wrote commercial automobile coverages to the common carrier industry, but stopped accepting new insurance risks in July 1999.
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