Nebraska-based Amwest Surety Insurance Co. was found insolvent by the District Court of Lancaster County, Nebraska, and placed in liquidation, according to the West Virginia Insurance Commission, a state where the company sells insurance. The company’s dealings in West Virginia included performance bonds and mine reclamation bonds, which will be canceled on July 6.
According to a story in The Charleston Gazette, a month ago, Commissioner Jane Cline issued an order prohibiting the company from transacting any new or renewal business in West Virginia.
The commission alerted the Division of Environmental Protection and the company’s insurance agents that they needed to immediately replace the bonds to ensure ongoing coverage by a solvent insurer. West Virginia’s Guaranty Fund does not cover surety bonds.
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