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Fax~30.i86E.'»8 Apr 12 'Ot :2 99 P.03 <br />BEFORE THE DIVISION OF INSURANCE <br />STATE OF COLORADO <br />Proceeding No G01-212 <br />SUMMARY SUSPENSION ORDER, NOTICE OF HEARING AND NOTICE OF <br />CHARGES, AND 1~VAIVER <br />IN TFiE MATTER OF FRONTIER INSURANCE COMPANY <br />Respondent <br />THE PEOPLE OF THE STATE OF COLORADO <br />- T0: Mark H. Mishfer <br />President <br />Frontier Insurance Company <br />195 Lake Louise Marie Road <br />Rock Hiil, New York 23775-8000 <br />The Colorado Commissioner of Insurance having determined that <br />z... <br />.#-: <br />:_ ~ . <br /> <br />s <br />S~. <br />•n: -. <br />,s;, <br />.- . <br />4'• <br />The above named Respondent. New Ycrk corporation, holds a Certificate of Authority tc <br />transact insurance twsiness in the State of Colorado. The Colorado Commissioner has <br />jurisdiction over said Respondent artd the subject matter of this proceeding. <br />As of March 14, 2001 the Divislon has not received a copy of the 2000 annual statement as <br />required by §103.109, C,R.S. <br />A review of the I-Site information available shows the Companys surplus at year end 2000 was <br />approbmatety $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 17131100. Bath 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 Company's surplus as of December 31,7.000 is not adequate in relation to tts <br />outstanding liabilities or finandal needs. Sutuequentty the New York DNision directed the <br />Company to not write any new or renewal business in New York. <br />Based on the above; the Colorado Commissioner has grounds to helieve that the <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 />