Florida insurance regulators have placed workers compensation carrier Guarantee Insurance Co. in receivership due to inadequate reserves.
According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially under-reserved at year end 2016 and consented to being placed in receivership on Nov. 13, 2017.
Guarantee Insurance Co. (GIC) provides workers compensation insurance in more than 31 states and D.C. and is based in Fort Lauderdale, Fla.
In a letter to Florida Department of Financial Services (DFS), Division of Rehabilitation and Liquidation, Florida Insurance Commissioner David Altmaier stated the companys assets were insufficient to pay all of its outstanding obligations by $236,775, as of J…
Read the full article at: https://www.insurancejournal.com/news/southeast/2017/11/21/471913.htm
