Regulators Say Guarantee Diverted $15.7M to Owner; Initiate Delinquency Action

The Florida Office of Insurance Regulation today initiated delinquency proceedings against Guarantee Insurance Co., accusing the carrier of illegally diverting $15,743,000 to majority owner Steve Mariano in 2016 and this year “with no documented business purpose and no discernable benefit” to the carrier. Insurance Commissioner David Altmaier said in a report that an independent actuary determined that Guarantee must boost reserves by $42,426,547 to cover its liabilities, but has a policyholder surplus of only $42,189,770. That leaves the carrier $235,775 short.  &ldquo...