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August 22, 2006
Albert J. Pereira, President
Re: Pawtucket Insurance Company (formerly known as Pawtucket Mutual Insurance Company)
Dear President Pereira:
Pawtucket Insurance Company has a Certificate of Authority in the State of Maine under its prior name of Pawtucket Mutual Insurance Company. Although Pawtucket Insurance Company recently experienced a change in control, a demutualization and a name change from Pawtucket Mutual Insurance Company, these transactions have not been filed or approved in Maine. Therefore, the Certificate of Authority in Maine and our licensing records still reflect the old name.
As of December 31, 2005, following the demutualization, the Company reported capital stock of $1,500,000 and unassigned surplus funds of $1,983,741. Title 24-A, M.R.S.A., §410 requires a minimum of $2,500,000 in capital stock and $2,500,000 in surplus to qualify for a Certificate of Authority. Since the Company’s capital and surplus no longer meet Maine’s minimum requirements per Title 24-A, M.R.S.A., §410, it is necessary to suspend Pawtucket Insurance Company’s (f/k/a Pawtucket Mutual) Certificate of Authority in Maine.
Pursuant to Title 24-A M.R.S.A. § 416(1)(B), the Certificate of Authority for Pawtucket Insurance Company (issued in Maine as Pawtucket Mutual) is suspended indefinitely, effective immediately. Per the June 15, 2006 correspondence from Geoff Hunt, Pawtucket Insurance Company has waived the right to a hearing. Thus, a hearing has not been scheduled.
Pursuant to 24-A M.R.S.A. §§ 229 and 419(1), Pawtucket Insurance Company may, at any time, file with the Superintendent a request to lift the suspension upon a showing that valid grounds for suspension no longer exist, and may petition for an adjudicatory hearing if the request to lift the suspension is denied. Also be advised that at the time of such request, the Company must file the necessary documents for approval in Maine of the recent change in control and subsequent demutualization/name change.
If you have any questions, please contact Lauri Cooper at (207) 624-8464 or via e-mail at firstname.lastname@example.org.
Per Order of
cc: Geoff Hunt, Pawtucket Insurance Company
Last Updated: January 22, 2014
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