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By a Consent Agreement executed on May 5, 1995 between Executive Risk Specialty Insurance Company (“the Company”) and the Superintendent of Insurance, the Company agreed to post an initial security deposit of $375,000 with the Maine State Treasurer, to review the deposit quarterly to ensure that it is not less than the total outstanding liabilities with Maine policyholders, and to limit Maine written premium in each of succeeding three years to an agreed amount in order to receive authorization as an eligible surplus lines insurer in Maine. These conditions were required because the Company, due to its limited number of years in business, was unable to show that it possessed adequate capital and/or surplus adequate to its obligations or that it could meet basic minimum financial requirements in accordance with Bureau of Insurance Rule Chapter 160.
The Company has demonstrated that the circumstances giving rise to the Consent Agreement no longer apply, and the special deposit and conditions of eligibility are no longer necessary. Therefore, for good cause shown, the Consent Agreement is hereby VACATED. The Company’s surplus lines authorization is hereby amended to remove the conditions, and the special deposit may be released.
PER ORDER OF
Last Updated: August 22, 2012
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