Underwriter Reinsurance Co. Ordered to Stop Selling Insurance in Okla.

August 19, 2008

Oklahoma Insurance Commissioner Kim Holland has ordered Underwriter Reinsurance Co., also known as The Underwriter Group, to refrain from selling unlicensed, unauthorized insurance in her state.

The Oklahoma Insurance Department reported that an investigation found The Underwriter Group, headed by Dr. Larry Wright and M. Shane Dickens, provided an unauthorized business performance bond to an Oklahoma entity seeking to secure a bank loan.

After the entity defaulted on the loan, the bank attempted to collect from The Underwriter Group. Subsequent litigation exposed the company as an unauthorized insurer.

Individuals or companies who have received performance bonds from The Underwriter Group should contact the department’s Anti-Fraud Unit at (405) 521-6614.

Source: Oklahoma Insurance Department, oid.ok.gov.

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