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further representatives of RtH'pondent having wa1vf!d notice
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of hearing on said rule to sho1lf cauGe, the Court having heard
argument of 00U11881 and be1ng otherwise f~lly advleed 1n the
,.
p~m18eGr the Court f1nds that:
A. The Respondent 1ft not. potlBessed of Assets equal
to all its l1abl11t1eft &nd Ntquired NHHH"Ve,e t.ogether with
its total IB~Jed and outetanding capital stock fiS required
by the insurance 1.W8 of thle state to b~ maintained for
the transaction of th6 general lineo lneuJ:'ance and 8Ur-ety
b\HJlne8ft it 18 author1ted to traoe&ct.
B. The R,lpondent diet from on or about July 1. 1961,
ur,tl1 on or abo\.lt November 1, 1961, laHue pol1cle13 of
1neurance guarAnteeing the paym~nt of principal and In-
tere8t on mortgages 1n an amount in exceLHl of four million
dollAr~, said mortgag~5 being 188ued by one mortgagor.
C. ,BeC&.\.liUt of the impa1rment of Recpondent '6 cap1 tal
and the riek underwritten by Re6pondant 1n connection with
the above policies of 1nBurance guaranteeing payment8 on
mortgage6 1n an amount 1n excee8 of four million dollara,
Bald mortgagee having been 1 tHsued by one mortgagor, the
flnandial condition of Respondent 18 f,uch that 1 ta furthor
trAn5&ct1on of an In8uranoe or surety bond bU61neao will
be hazardou! to ita pDllcyhold~r8, creditors, etockhold~re
and th* public generally, It 10 therefore ORDERED, A~1UDOED
and DECREED that I
1. J. Edwin LtAr8on. St.ate Treasurer- and ex officio
Ineurance Comrn1aaloner of th~ State of Plorldn~ i8 appo1nt~d
Rec91 var of R$t}pon<ltmt I Pan American Surety COl1.\pany,
-2-
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