Four insurance companies have been suspended from doing business in Colorado due to hazardous financial conditions.
The companies, Fremont Indemnity Company, Fremont Compensation Insurance Company, and Fremont Pacific Insurance Company (all part of the Fremont General Corporation) have been suspended by the Colorado Division of Insurance since May 17. A fourth company, National Financial Insurance Company, has been suspended as of May 15.
None of the Fremont Companies have been under a sales agreement in Colorado as of April 2002. Fremont Indemnity Company wrote direct premiums of $806,175 as of December 31, 2001, and $95,743 as of March 31, 2002, all in workers’ compensation insurance. Fremont Compensation Insurance Company did not have any direct premiums as of December 31, 2001, or March 31, 2002. Fremont Pacific Insurance Company wrote direct premiums of $1,575,743 as of December 31, 2001, and $29, 324 as of March 31, 2002. None of the companies have been declared insolvent by their domiciled state of California.
National Financial, domiciled in Texas, has been under no sales agreement and is in a run-off mode. The company wrote $33,600 in individual health premiums as of December 31, 2001.
Any complaints or claims should be handled directly through the companies.
Topics Colorado
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