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Maine.gov > PFR Home > Insurance Regulation > Administrative & Enforcement actions > INS-10-303_Atlantic Mutual Insurance Company

 

 

March 8, 2010

CERTIFIED MAIL

Nancy E. Hahon
President, General Counsel
Corporate Secretary
Atlantic Mutual Insurance Company
100 Wall Street, 28th Floor
New York, NY 10005-3743

Re:

Atlantic Mutual Insurance Company
Suspension of Certificate of Authority in Maine
Docket No. INS 10-303

Dear President Hahon:

Atlantic Mutual Insurance Company has a Certificate of Authority in the State of Maine. Due to the Company’s negative surplus position reported in the December 31, 2009 annual 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.

The Company reported total surplus of ($25,106,505) at December 31, 2009. Title 24-A, M.R.S.A., §410 requires a minimum of $2,500,000 in capital stock and $2,500,000 in free surplus to qualify for a Certificate of Authority.

Pursuant to Title 24-A, M.R.S.A., § 416(1)(B), the Certificate of Authority for Atlantic Mutual Insurance Company is suspended indefinitely, effective immediately. 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