Florida Insurer Magnolia Placed Under State Supervision

Magnolia insurance company has been placed under State supervision by the Florida Office of Insurance Regulation. Policies that are slated to renew now and in the first few weeks of January 2010 could not be properly noticed for non-renewal by Magnolia. Magnolia will renew these policies if the policyholders or agents request renewal. However, the company noted, policyholders and agents should be aware that renewal with Magnolia is at their own risk. Magnolia was an admitted insurance company in Florida. That means that their policies are back by the Florida guarantee fund for only up to $500,000 per policy.

Magnolia began doing business in April, 2008, with $20 million in capital and 100,000 policies shifted from Citizens.

For more information go to, http://www.insurancejournal.com/news/southeast/2009/12/28/106249.htm