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June 20, 2008

Hiram E. Blomquist, President
Guarantee Title & Trust Company
5370 W. 95th St.
Prairie Village, KS 66207

 

Re: The Guarantee Title & Trust Company
Suspension of Certificate of Authority in Maine
Docket No. INS 08- 403

 

Dear President Blomquist:

The Guarantee Title & Trust Company has a Certificate of Authority in the State of Maine. Due to the Company’s capital impairment as reported in the March 31, 2008 quarterly statement and the Company’s inability to meet Maine’s minimum capital and surplus requirement, it is necessary to suspend the Company’s Certificate of Authority in Maine.

As of March 31, 2008, the Company reported capital stock of $1,500,000, unassigned funds of ($10,762,455) and gross paid in and contributed capital of $9,781,571 for a total capital and surplus of $519,116. Title 24-A, M.R.S.A., §410 requires a minimum of $500,000 in capital stock and $500,000 in free surplus for a total of $1,000,000 to qualify for a Certificate of Authority with title authority.

Pursuant to Title 24-A, M.R.S.A., § 416(1)(B), the Certificate of Authority for The Guarantee Title & Trust Company is suspended indefinitely, effective immediately. Per your telephone conversation on June 19, 2008 with Lauri Cooper of this office, it is understood that the 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), the 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.

If you have any questions, please contact Lauri Cooper at (207) 624-8464 or via e-mail at laurelyn.s.cooper@maine.gov.

Per Order of


___________________________
Mila Kofman
Superintendent of Insurance


 

 

Last Updated: January 22, 2014