COLUMBUS — Ohio Department of Insurance Director Mary Jo Hudson has announced that the Department has revoked the license of Centennial Insurance Company of New York, New York for alleged violations of Ohio insurance law.
Centennial Insurance Company reported a negative capital and surplus of $2, 029,752 as of December 31, 2009 in its annual financial statement. Ohio insurance law requires insurance companies that have authority to write commercial lines of business, like Centennial, to maintain a minimum capital and surplus of $5 million to do business in the state of Ohio and allows the Director to revoke a company’s license for failing to do so.