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In Re CAPITAL ASSURANCE RISK RETENTION GROUP, INC

DOCKET NO. INS-08-401

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CEASE AND DESIST ORDER

The Respondent, Capital Assurance Company Risk Retention Group, Inc. is a risk retention group domiciled in South Carolina, registered to do business in Maine pursuant to the Maine Liability Risk Retention Act, 24‑A M.R.S.A. § 6093, registration number RRF83511. Statistics provided by the Rehabilitator indicated that as of December of 2007, the Respondent had issued reimbursement policies backing motor vehicle service contracts for 625 consumers in the State of Maine.

On petition by the Director of the South Carolina Department of Insurance, the South Carolina Fifth Circuit Court of Common Pleas has placed the Respondent in rehabilitation, based upon a determination that the Respondent is in hazardous financial condition. It is therefore hereby ORDERED that the Respondent shall immediately cease issuing any new policies insuring policyholders within the State of Maine or covering risks within the State of Maine, including any coverage relating to service contracts issued to Maine residents or vehicles registered in Maine.


APRIL 23, 2008 _______________________________
MILA KOFMAN
SUPERINTENDENT OF INSURANCE

 


 

Last Updated: January 22, 2014