Ohio Department of Insurance Director Lee Covington filed a complaint Wednesday in the Franklin County Court of Common Pleas requesting that Acceleration National Insurance Company, an Ohio domiciled property and casualty company based in Simsbury, Connecticut, be placed into rehabilitation. The court granted the order.
Based on the 1999 audited financial statement and quarterly financial filings of Acceleration National, which show deteriorated and hazardous financial condition, the Ohio Department of Insurance moved to place Acceleration National into rehabilitation to protect the company’s insureds and creditors.
Ohio domiciled insurance companies are required to file audited annual financial statements and unaudited quarterly financial statements with the Ohio Department of Insurance. Ohio companies are also required to maintain minimum capital and surplus pursuant to the Ohio Revised Code.
Since December 1997, Acceleration National’s annual surplus has diminished significantly. In its Sept. 30, 2000 unaudited financial filing, Acceleration National reported a surplus of considerably less than $750,000 which falls below the required statutory minimum surplus amount. Acceleration National primarily wrote commercial automobile coverages to the common carrier industry.
Topics Ohio
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