The Seibels Bruce Group Inc., announced that the North Carolina Department of Insurance (NCDOI) is placing restrictions on Seibels Bruce subsidiary South Carolina Insurance Company (SCIC). The NCDOI notified the company of the restrictions in response to the recent South Carolina Department of Insurance (SCDOI) Order Imposing Administrative Supervision and Appointing Supervisor.
In addition to conforming to the restrictions in the SCDOI Order, the NCDOI notification prohibits SCIC from writing automobile liability business ceded 100 percent to the North Carolina Reinsurance Facility. The restriction does not apply to the flood insurance business backed 100 percent by the federal government.
After the SCDOI placed the companies into supervision A.M. Best assigned a Best’s Rating of E (Under Regulatory Supervision) to three Seibels Bruce subsidiaries, Catawba Insurance Company, Consolidated American Insurance Company and SCIC. All three companies held Ratings of NR-3 (Rating Procedure Inapplicable) prior to the SCDOI’s Order.
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