The Colorado Division of Insurance has suspended Legion Insurance Company and Villanova Insurance Company.
The suspensions are the result of both companies being placed into rehabilitation by the Commonwealth Court of Pennsylvania. M. Diane Koken, Pennsylvania Insurance Commissioner was appointed rehabilitator.
“Both companies have been prohibited from writing any additional insurance business in Colorado,” Insurance Commissioner William J. Kirven III, commented. “The Division has taken this action to ensure that the companies do not place consumers at risk.”
Legion Insurance Company and Villanova Insurance Company are headquartered in Pennsylvania and are part of the Legion Insurance Group. The Legion Group transacts business in all 50 states.
In Colorado, Legion Insurance Company wrote workers’ compensation, medical malpractice, general liability and accident and health insurance. The company’s 2001 annual premium was $16.6 million.
Villanova Insurance Company wrote primarily workers’ comp insurance and its 2001 Colorado annual premium was $586,288. Additionally because the companies have not been declared insolvent and placed into liquidation at this time, the guaranty fund has not been triggered. Therefore, all claims should be submitted to the companies.
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