Insurance company shut down by state of Georgia

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Insurance company shut down by state of Georgia

Story Published: Oct 28, 2009 at 5:19 PM EST

Story Updated: Oct 28, 2009 at 5:19 PM EST

ATLANTA (AP) - A judge has approved a state takeover of an Atlanta-based worker's compensation insurer at the center of one of the largest insurance failures in Georgia in the last decade.

The order Wednesday concludes that Southeastern U.S. Insurance
Co. is "insolvent'' and gives Insurance Commissioner John Oxendine
the authority to liquidate the company.

Company officials did not immediately return phone calls on Wednesday, but the commissioner's office says it had 209 policyholders, roughly half of them government entities such as cities and counties. The company's Web site said it represented about 60,000 employees.

Oxendine says that the company's clients are being sent termination notices to find insurance elsewhere.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

 


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Wednesday, Oct 28 at 8:09 PM john wrote ...

Atleast they have good old oxendine on the scene...can anyone say kickback or maybe lack of one.

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