Oklahoma Insurance Commissioner Carroll Fisher suspended Pegasus Insurance Co. for failing to file required paperwork in a timely manner and violating laws requiring diverse investment portfolios.
Fisher noted that Pegasus has not filed its 2001 audited financial statement, which was due June 1. In addition, officers of the holding company who ultimately control Pegasus have not filed personal financial statements required under state law.
Under Fisher’s order, Pegasus may not conduct any business, other than the renewal or servicing of existing policies. The order gives Pegasus 30 days to request a hearing on the matter before the suspension becomes permanent.
“Fortunately, no Oklahoma consumers will be impacted by this suspension,” Fisher said. “Nonetheless, Oklahoma law requires basic reporting from insurers, and those laws are on the books to protect not only consumers but insurers as well.”
The order will have little direct affect on Oklahomans, as the company has no existing policies in the state. Pegasus is an Oklahoma-based insurer headquartered in Florida. Fisher’s action will alert Florida regulators to the problem.
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