Connecticut’s insurance department last week revoked the insurance licenses of Earl O’Garro Jr. and his insurance brokerage firm, Hybrid Insurance Group.
O’Garro has been mired in an ongoing insurance controversy in Hartford, Conn., that includes allegations of failing to send to carriers premiums for the city’s insurance, according to local media reports.
“The department has not received an answer to the complaint and the notice of hearing nor any response from the respondents in this matter,” the insurance department stated in its order for default judgement and order of revocation. O’Garro has 60 days to appeal the decision.
According to the allegations in the complaint from the Connecticut insurance department, the City of Hartford wired O’Garro and his firm a payment of $868,244 on July 18, 2013. The coverages for the payment included the City of Hartford excess liability policy with Starr Indemnity and Liability Company, the City of Hartford excess liability policy with National Casualty Company, and professional liability and employers liability coverage from Chartis.
“Although the respondents received full payment on July 18, 2013 from the City of Hartford for the City of Hartford policies, to this date, the respondents have failed to remit premiums in the amount of $441,900.00 to Starr Indemnity Insurance Company and $228,097.00 to National Casualty Insurance Company,” according to the allegations in the complaint.
The Hartford Courant quoted the state’s insurance officials as saying that O’Garro failed to respond to an 11-count complaint against him last month that outlined allegations of missing premium payments and possible fraud. He had 20 days to reply but did not contact the insurance department by Nov. 12.
The Hartford Courant reported O’Garro has been a target of state and federal probes. The newspaper reported that FBI agents served subpoenas on Hartford City Hall, the city’s board of education and the state insurance department and department of economic and community development for information regarding contracts, financial information and other data related to Hybrid Insurance.
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