State Bans 5 Foreign Insurers
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The state Insurance Department on Friday banned five foreign-based insurance companies from doing business in California, calling them financially unstable.
Banned are Promed International Ltd. of Tortola, British Virgin Islands; Economic Property & Casualty Insurance Co., Bahamas; Olympian Insurance Co., Antigua; Bergen Isle Insurance Co. Ltd., Marshall Islands, and California Pacific Bankers Insurance, Aruba. Together they wrote more than $13 million worth of insurance in California in 1992, according to records on file with the Insurance Department.
The department attempted in July, 1981, to ban Promed, but the company got a court order blocking the move.
Unlicensed carriers are allowed to sell insurance in California under certain restrictions and only through specially licensed brokers.
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