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In Re SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP

DOCKET NO. INS-08-400

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CEASE AND DESIST ORDER

The Respondent, Scaffold Industry Insurance Company Risk Retention Group, Inc. is a risk retention group domiciled in the District of Columbia, with a principal place of business in Dallas, Texas, and is registered to do business in Maine pursuant to the Maine Liability Risk Retention Act, 24‑A M.R.S.A. § 6093, registration number RRF126592. The Respondent’s third quarter 2007 financial statements showed written premium in Maine of $174,000.

Effective January 11, 2008, the District of Columbia Commissioner of Insurance, Securities and Banking ordered the Respondent to cease writing all new and renewal business, based upon the Commissioner’s determination that the Respondent was in hazardous financial condition. Although some corrective actions have been taken, the District of Columbia Commissioner has advised the Superintendent that the order remains in full force and effect at this time.

Therefore, based upon the finding of hazardous financial condition by the Respondent’s domiciliary regulator, and the Respondent’s loss of its authorization by its domiciliary regulator to transact business, it is hereby ORDERED that the Respondent shall immediately cease issuing any new policies or renewing any existing policies insuring policyholders within the State of Maine or covering risks within the State of Maine.


FEBRUARY 6, 2008 _______________________________
ERIC A. CIOPPA
ACTING SUPERINTENDENT OF INSURANCE

 


 

Last Updated: January 22, 2014