South Carolina DOI Files Petition To Place Oceanus RRG Into Receivership
Ray Farmer, Director of the South Carolina Department of Insurance, has filed a petition pursuant to the South Carolina Insurers Rehabilitation and Liquidation Act for an order appointing him as Liquidator of Oceanus Insurance Company, a Risk Retention Group.
In his petition the DOI Director asserts that Oceanus RRG “…has failed to consistently maintain the required minimum capital and surplus as to policyholders and has been unwilling or unable to timely infuse capital to remedy the deficiency and to address the underlying cause for the loss of its capital and surplus.”
Further, the petition asserts that Oceanus RRG “…is in a condition in which the further transaction of business would be hazardous, financially and otherwise, to its policyholders, creditors, or the public, and is insolvent as defined in SC Code A. & 38-27-50 (10) (2015)…”.