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2. A review of information concerning Frontier shows that the company's surplus at <br />the year end 2000 was about $16 million, down from $ l99 million from 1999. <br />Both years are below statutory financial requirements for licensure. <br />3. Frontier is domiciled in New York. The state of New York has determined that <br />Frontier's surplus as of December 31, 2000 is not adequate in relation to its <br />outstanding liabilities or financial needs. The New York Division of Insurance <br />has directed Frontier not to write any new or renewal business in New York. <br />Based on the above determinations, the Colorado Commissioner of Insurance <br />found that Frontier's license to transact business in Colorado is subject to suspension <br />based on two statutory criteria: (1) Refusal or failure to submit an annual report as <br />required by statute and (2) Use of practices or existence of conditions render <br />Frontier's financial position unsound to the public or its policyholders. <br />Based on these findings and determinations, on March 14, 2001, the <br />Commissioner summarily suspended Frontier's license to transact insurance business <br />in Colorado pending a hearing to determine whet!:er to further suspend or revoke <br />Frontier's license. The Order states that during the period of suspension, Frontier <br />cannot solicit or issue new or renewal insurance business in Colorado. The <br />Commissioner's Order further states that Frontier "shall also service any existing <br />policies of insurance issued to persons residing in Colorado." <br />