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Article: Regulator cites solvency woes. (Wyoming Commissioner Gordon Taylor)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- February 19, 1990
- Author:
CopyrightCOPYRIGHT 1990 The National Underwriter Company. 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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Regulator Cites Solvency Woes
When two insurers under his jurisdiction went belly up last year, former Wyoming Commissioner Gordon Taylor had to swallow a bitter pill.
His department had failed to adequately examine Commercial General and Oxford Indemnity, two new risk purchasing group insurers, which became insolvent only a short time after they began writing business. They are both now being liquidated.
Mr. Taylor felt the press attention that followed the failures paralyzed the effectiveness of the department, which only has 24 employees. "The department and especially myself were criticized for admitting the companies to begin with," he said.