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March 26, 2007 at 01:34 PM
Florida Insurance Commissioner Kevin McCarty says the state Office of Insurance Regulation believes it has grounds for starting delinquency proceedings against a health insurer in the state.
McCarty says the insurer, Universal Health Care Insurance Company, St. Petersburg, Fla., “has failed to increase its reserves to the level necessary to comply with the Florida Insurance Code and, based on the information provided by the company, is insolvent.”
Universal Health earlier had agreed to a consent order of liquidation so that delinquency proceedings could be initiated by the Division of Rehabilitation and Liquidation if the company failed to come into compliance with the Florida’s financial requirements by March 23, McCarty says.
Universal Health countered with a statement saying that Judge Thomas Batement, a state court judge in Leon County, Fla., has granted a writ giving Universal Health at least 60 days to comply with the consent order.
