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Maine.gov > PFR Home > Insurance Regulation > Administrative & Enforcement Actions > INS-10-304_Centennial Insurance Company
March 8, 2010
Nancy E. Hahon
Dear President Hahon:
Centennial 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 ($2,029,752) 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 Centennial 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 email@example.com.
Per Order of
Last Updated: January 22, 2014
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