A workers’ compensation insurer for 3,000 public entities, hospitals, private companies and associations in Georgia has been declared insolvent and will be liquidated.
Fulton County Superior Court Judge Thomas Campbell on Oct. 27 approved the liquidation order for Southeastern US Insurance Co. (SEUS), which advertised itself as the state’s eighth largest workers’ compensation carrier.
According to the court order, continuation of the company’s business “would substantially increase the risk of loss to the creditors, claimants, policyholders and the public.”
Insurance Commissioner John Oxendine will serve as the liquidator.
All policies still in effect will expire 30 days from the date (Oct. 27) of the order, if they do not expire before then.
All agents and brokers with any funds tied to SEUS are required to report those monies to the liquidator within 15 days of the order.
The order restrains the company’s agents, officers and employees from doing any further business on behalf of the company.
Clark Fain III, who founded the company in 2001, has been serving as chairman and chief executive. Clark is also CEO of Common Sense Claims, Inc., Risk Management Engineering, LLC, Bi Partisan Bill Review, Inc. and Identity Managed Care Organization, Inc., all of which are vendors to SEUS.
The company said it insures 3,000 Georgia employers and their 60,000 employees.
The liquidation order and claims form with instructions are available online.
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