We have been requested by the California Department of Insurance ("Department"), acting in accordance with and pursuant to Section 1765.1 of the California Insurance Code, to advise all Surplus Line brokers and Special Lines Surplus Line brokers that effective March 16, 1995, unless and until notified by the Department to the contrary, the above insurer should not be employed for placements of California business. No further new or renewal business may be placed with the company.
This Order is based on a voluntary withdrawal by Surplus Underwriters Casualty Insurance Company. Please see the attached for further information.
Edgar S. Clark
Executive Director
ESC/lj1
Enclosures
March 16, 1995
The Surplus Line Association of California
388 Market street, Suite 1150
San Francisco, CA 94111
Subject: Surplus Underwriters Casualty Insurance Company (Texas)
Order Pursuant to California Insurance Code Section 1765.1
Dear Gentle People:
Please issue a bulletin to your Members notifying them that SURPLUS UNNDEWRITERS CASUALTY INSURANCE COMPANY (Texas) is unacceptable pursuant to CIC Section 1765.1 for placement of new or renewal business. Attached is a copy of the Department's order for your reference. If you have any questions, Please contact me.
Very truly yours,
Carol A. Fistler!St
Staff Counsel III
(415) 904-5674
cc: William W. Palmer Victoria Sidbury Lawrence A. Willoughby
March 16, 1995
Mr. Lawrence A. Willoughby
Surplus Underwriters Casualty Insurance Company 3131 Eastside, Suite 545 Houston, Texas 77098
Subject: Surplus Underwriters Casualty Insurance Company (Texas) Order Pursuant to CIC 176S.1 Dear Mr. Willoughby:
Pursuant to California Insurance Code Section 1765.1 Surplus Underwriters Casualty Insurance Company (Texas) is unacceptable for placement of further new or renewal business. This order is based on the attached letter whereby Surplus Underwriters Casualty Insurance Company Withdrew from the California market, writing no new or renewal business.
Very truly yours,
Carol A. Fistler
Staff Counsel III
(415) 904-5674
cc: William W. Palmer, General Counsel
Victoria S. Sidbury, Bureau Chief of Corporate Affairs
Patricia K. Staggs, Bureau Chief of Compliance
Surplus Lines Association
NAIC c/o Maximiliane Moody, IID
SURPLUS UNDERWRITERS
CASUALTYINSURANCE COMPANY
February 24, 1 995
Surplus Lines Enforcement Unit
Investigation Bureau
California Department Of Insurance
45 Fremont Street
San Francisco, California 94105
RE; Surplus Underwriters Casualty Insurance Company
Surplus Lines Eligibility
Voluntary Withdrawal
The current trend toward increasing capital and surplus requirements for eligibility as a surplus lines insurer has eroded our ability to underwrite our specialty business on a broad and demographically diverse basis. Without the continued availability of this marketplace, we do not believe we can achieve acceptable production results or stable loss experience. Accordingly, we are electing to withdraw as a surplus lines insurer to concentrate on writing business in our home state of Texas.
Our Company will continue to service current policyholders as we have in the past. Any losses currently reported or which are subsequently reported to us will be handled in the same manner as have been handled while an approved carrier.
We want to thank you for your consideration of Surplus Underwriters in the past, and, should we become eligible in the future, we would hope that you would entertain our application. We have included a copy of our 1 994 Statutory statement, including Page 1 4 for your state. Should you have any questions or further requirements, please do not hesitate to contact me.
Sincerely,
Lawrence A. Willoughby
President