New York Superintendent of Insurance Gregory V. Serio applauded a decision by the New York Supreme Court to issue a temporary restraining order preventing Pawtucket Mutual Insurance Company from canceling approximately 1,000 homeowners policies in the state. The department submitted the court motion in response to the insurer’s decision in June to issue mid-term cancellation notices to its policyholders. “The law clearly states that insurers cannot cancel policies mid-term without just reasons or without submitting a plan to the department, neither of which were done by Pawtucket,” Serio said. Pawtucket is a Rhode Island-based company currently in rehabilitation.
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