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Per Order of the Superintendent, the certificate of authority of Frontier Insurance Company (NAIC Company Code # 34266) to transact insurance in the State of Maine was suspended on May 22, 2001. Frontier was required to continue to service existing business, but was no longer permitted to engage in soliciting new business or renewing existing business. On October 15, 2001, the Supreme Court of New York issued an Order of Rehabilitation, Index No. 405090/01, declaring Frontier Insurance Company insolvent and appointing the Superintendent of Insurance of the State of New York to serve as Rehabilitator. At present, Frontier continues to pay current claims.
The Maine Guaranty Fund is obligated "to pay covered claims existing prior to the determination of the insolvency or arising within 30 days after the determination of insolvency, or before the policy expiration date if less than 30 days after the determination of insolvency, or before the insured replaces the policy or causes its cancellation, if within 30 days of the determination," pursuant to 24-A M.R.S.A. § 4438(1)(A). Thus, should Frontier become unable to meet its claims obligations at some future time, Frontier policyholders in Maine may not be eligible for Maine Guaranty Fund protection for claims incurred on or after November 15, 2001. Pursuant to 24-A M.R.S.A. § 2908(8), the Superintendent may authorize midterm cancellation of coverage on less than 30 days’ notice and without policyholder-specific cause if continuation of coverage would endanger the ability of the insurer to fulfill its contractual obligations.
Therefore, it is hereby ORDERED that:
Frontier Insurance Company may petition the Superintendent for an adjudicatory hearing in this matter pursuant to 24-A M.R.S.A. § 229 if it contests any aspect of this Order.
PER ORDER OF
Last Updated: August 22, 2012
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