Florida insurance regulators have ordered two firms to stop selling unauthorized surety insurance.
The Office of Insurance Regulation (OIR) issued an order to Infinity Surety Co., Infinity Surety Agency and its president George D. Black, Sr. with home offices in Saginaw, Texas, for selling unauthorized insurance products.
A separate order has been issued to Morris C. Sears doing business as Abba Bonding with home offices in Lillian, Alabama, also for selling unauthorized insurance products.
Surety insurance involves a bond that guarantees the performance of a contract, most often related to construction projects.
OIR said Infinity has never been granted a certificate of authority or license to transact insurance as a surety company in Florida.
Infinity sold more than $2 million worth of bonds to Florida contractors for business transactions with cities, counties and municipalities across the state.
In a separate investigation, OIR investigators discovered ABBA and Sears have also never been authorized to sell insurance Florida yet they sold millions of dollars of unlicensed surety bonds to construction companies. ABBA has since filed for bankruptcy in Alabama.
Under Florida Law, Infinity, Black, Sears and ABBA have 21 day to respond to the OIR order.
Source: OIR
Topics Florida
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