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Article: Fortune Insurance Agrees To Voluntary Rehabilitation.
- Article from:
- Business Wire
- Article date:
- May 30, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
JACKSONVILLE, Fla.--(BUSINESS WIRE)--May 30, 2001
Fortune Financial, Inc. (Nasdaq:FORUE) announced that its primary operating subsidiary, Fortune Insurance Company, has consented to the appointment of the Florida Department of Insurance as Receiver for purposes of rehabilitation. Fortune Insurance Company suspended the writing of all new and renewal insurance policies on May 15, 2001 because of its inadequate capital base. The Department of Insurance will oversee Fortune Insurance Company's operations to ensure the orderly run-off of the Company's existing policies, including the normal processing of endorsements, handling of customer ...