Oklahoma regulators move to take over company with state contract for uninsured motorists
By Brianna Bailey, The Oklahoman, Oklahoma City | |
McClatchy-Tribune Information Services |
The
Red Rock President
This is the second time in less than two years that Red Rock has drawn the attention of state
Foster Jennings has been unable to inject sufficient capital into the company to address its dangerous financial condition, said
"We had appointed first a supervisor, then a conservator, but it has become clear that judicial action is needed in order to protect the interests of the company's insureds and creditors," Dexter said.
According to filings with
CIS was formed under the laws of the
Attempts to reach
Red Rock has become insolvent and it continued operation is a hazard to policy holders, the
"As of this date, there has been no infusion of any cash whatsoever in the company," the agency claimed in court documents filed last week in
Two independent auditing firms have resigned and declined to issue an annual audit of the company's financial statement that is required by state law, according to the
One auditing firm, BDO
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