On Oct. 2, 2002 the Arizona Department of Insurance suspended the license of Foundation Reserve Insurance Company (Foundation Reserve) due to its unsound financial condition. Consequently, Foundation Reserve is prohibited from writing any new insurance policies and they must non-renew their existing policies.
Currently, Foundation Reserve has over 17,000 outstanding automobile and homeowners policies in Arizona. Most of its business was in Maricopa, Pima, Navajo, Apache and Coconino.
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