Florida insurance regulators have ordered a Texas surety insurance firm, Infinity Surety, to halt all business in Florida. Officials say the insurer was never authorized to sell in Florida.
The Florida Office of Insurance Regulation (OIR) has issued a cease and desist order to Infinity Surety of Saginaw, Texas, and its president, George D. Black.
On April 8, 2010, OIR issued an initial order to the insurer and its then president. OIR said that neither Infinity nor Black contested OIR’s initial order.
OIR investigators said Infinity has never been granted a certificate of authority or license to transact insurance as a surety company in Florida. Investigators said they discovered Infinity sold more than $2 million worth of bonds to Florida contractors for business transactions with cities, counties, utilities and municipalities across the state.
Infinity has also faced charges in Louisiana, where the department of insurance is suing the firm. In April, George Douglas Black Sr. was arrested March 26 on a federal mail fraud charge.
Surety insurance involves a bond that guarantees the performance of a contract, most often related to construction projects.
Topics Florida
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