Ohio Department of Insurance Director Mary Jo Hudson announced that the department has revoked the license of Centennial Insurance Company of New York, N.Y., for alleged violations of Ohio insurance law.
Centennial Insurance Company reported a negative capital and surplus of $2, 029,752 as of Dec. 31, 2009, in its annual financial statement.
Ohio insurance law requires insurance companies that have authority to write commercial lines of business, like Centennial, to maintain a minimum capital and surplus of $5 million to do business in the state of Ohio and allows the director to revoke a company’s license for failing to do so.
Centennial has not written any new business in Ohio since 2008 and there are no current policyholders in Ohio. However, Ohio policyholders that have a claim under a policy with Centennial can still file claims with the company.
Centennial Insurance Company’s license was revoked effective May 11, 2010.
Source: Ohio Department of Insurance
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