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Fax:3038b63~58 Rn~ 1: 'Ol ;249 <br />R <br />BEFORE THE DIVISION OF INSURANCE <br />STATE OF COLORADO <br />Proceeding No 0-01-212 <br />III IIIIIIIIIIIIIIII <br />999 <br />SUMMARY SUSPENSION ORDER, NOTICE OF HEARING AND NOTICE OF <br />CHARGES, AND ~NAIVER <br />IN THE MATTER c7F FRONTIER INSURANCE COMPANY <br />Respondent <br />THE PEOPLE OF THE STATE OF COLORADO <br />- TO: Mark H. Mishler <br />President <br />Frontier Insurance Company <br />195 Lake Louise Marie Road <br />Rock Hill, New York 23775-8000 <br />'{r' <br />~, ~,- <br />The Colorado Commissioner of insurance having determined that ~ ,,: <br />The above named Respondent, New Ycrk corporation, holds a Certificate of Authority tc: ~,3' :. <br />transact insurance twsiness in the State of Colorado. The Colorado Commissioner has <br />jurisdiction over said Respondent and the subject matter of this proceeding. <br />ti, <br />As of March 14, 2001 the Division has not received a wpy of the 2000 annual statement as -~'~ - <br />required by §10~-109, C.R.S. <br />A review of the I-Site information available shows thra Companys surplus at year end 2000 was <br />approximately $16,050,000, down from $199,576,000 as of December 31, 1999. Their RBC <br />ratio has gone from 123.3 at 12/31/99 to 7.0 as of 12131/00. Both years are below the minimum <br />200% of authorized control level RBC required for licensure. <br />The Company's state of domicile, New York, has advised this Division of their determination that <br />Frontier Insurance Compan}~s surplus as of December 31,2000 is not adequate in relation to Its :-;:: <br />outstanding liabilities or finandal needs. Subsequently the New York Division directed the 'r'" <br />Company to not write any new or renewal business in New York. ' <br />Based on the above, the Colorado Commissioner has grounds do believe that the 4~. <br />Respondent's Certificate of Authority is subject to Suspension pursuant to §10.1-111(1) <br />(C) and (j), C.R.S. <br /> <br /> <br />