Maryland Suspends Insolvent Oklahoma Insurer

May 27, 2010

Maryland Insurance Commissioner Beth Sammis has suspended the license of Oklahoma-based Imperial Casualty and Indemnity Co., after a district court in its home state ordered the company liquidated.

Oklahoma regulators moved to seize the workers’ compensation insurer in April, alleging that its owners orchestrated several complex transactions aimed at deceiving the state over the financial soundness of the company.

Imperial has been licensed to write in Maryland since 1963.

The order requires the company to cease writing new and renewal business in the state.

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