Laserfiche WebLink
administrative appeals, then the State of Colorado would <br />forfeit both the Frontier Bond and the Utica Bond. <br />14. One of the key provisions of the Permit is that <br />Powderhorn have in place reclamation bonds in the requisite <br />amount of coverage from financially scund bonding companies. <br />15. On June 6, 2000, the United States Department of the <br />Treasury issued a notice in the Federal Register that it had <br />revoked Frontier's Certificate of Authority under 31 U.S.C. <br />§§ 9309-9308. See, 65 F.R. 35996-35999 (June 6, 2000). <br />Furthermore, on or about March 2000, A.M. Best Co. downgraded <br />Frontier Insurance Company's financial rating. <br />16. In its Quarterly Statement as of September 30, 2000 <br />submitted to the New York Insurance Department, Frontier <br />reported the following financial facts: <br />(a) a loss for the year ending December 31, 1999 of <br />5111,759,600.00, against a "surplus as regards policyholders" <br />for the year ending December 31, 1999 of only 5199,575,913.00; <br />(b) a loss for the year 2000 to date of S28,376,289.00, <br />against a "surplus as regards policyholders" for the year 2000 <br />to date of only 565,228,323.00. <br />10 <br />