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04/30/2001 08:39 FA\ <br />3~ <br />Snell &Wilmer <br />LL.E <br />r~watsrcEs <br />1200 Sr;venrcentfi Sweet, Suite 1950 <br />Tabor (:enter <br />Denver, Colorado 80202 <br />(303)Q34.2000 <br />I~ar: (303)fi3¢2020 <br />Robert D. Come (303) 634-2015 <br />Inrcmen rcmm~Orw6w.cmi <br />William T. Gorton, Ili <br />Stites & Hazbison <br />250 West Main St. <br />Lexington, KY 40507-1958 <br />Dear Bill: <br />April 27, 2001 <br />004 <br />nnola.namoru <br />rtxsaa, na¢a+n <br />RVaai, GVLtlaaA <br />.~Ir IAra Qrri VfAl1 <br />Via E-Mail and U.S. Mail <br />On April 13, 2001, the state of Colorado issued NOV No. 2001-005 to Powderhom based <br />on the suspension of Frontier's authority to do business in Colorado by the Commissioner of <br />Insurance. The letter indicates that on March 14th the Commissioner issued his Summary <br />Suspension Notice, just 3 working days after our March 9 meeting with the Colorado Attorney <br />General and the Division of Minerals and Geology. As you might expect, Powderhom was quite <br />surprised to receive the NOV and learn of the suspension following the repeated assurances at <br />the March 9th meeting by Frontier that it was taking all necessary steps to resolve the matter. <br />Also at that March 9th meeting, Frontier committed to work with the State of Colorado <br />and provide all necessary documents and commitments to demonstrate that its reinsurance <br />agreement with National Indemnity Company is sufficient to satisfy the financial assurance <br />provisions for Powderhom under Colorado law. Powderhom has been informed in a letter from <br />the state dated April 17, 2001, that these discussions have drawn to a close. <br />Powderhom is disappointed at this turn of events and urges Frontier to provide financial <br />assurance for Powderhom that is acceptable to the State of Colorado. This financial assurance <br />must be in place prior to May 23, 2001, the scheduled hearing date for NOV 2000-010. Please <br />do not hesitate to contact Tom Murano (212-698-3513) or me should you have any questions <br />regarding this letter. <br />Sincerely, <br />Wil r .L.P. <br />Robert D. Comer <br />Snell 6 Wilnmr ie a member of ~u NuNO~, a leading association d indeperdent law firms. <br />