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OFIR Orders Insurance Company to Stop Doing Business in State


FOR IMMEDIATE RELEASE 
August 18, 2009 
Contact: Jason Moon 517-335-1700

LANSING - The Office of Financial and Insurance Regulation (OFIR) has ordered Novus Centuriae, Inc., a fraudulent insurance company incorporated in the Island of Nevis in the Caribbean, to immediately cease and desist from the sale of any line of insurance in Michigan. Novus violated the Michigan Insurance Code by selling fraudulent certificates of surplus lines of insurance to Michigan companies and consumers.

“Any Michigan consumer or company that purchased insurance policies from Novus needs to get proper coverage immediately,” OFIR Commissioner Ken Ross said.
 
Consumers can contact OFIR to find out if a company is licensed to sell insurance in Michigan. OFIR can be contacted by calling (877) 999-6442 or through its website www.michigan.gov/ofir.

Failure to comply with OFIR’s order will subject Novus to one or more of the following:

  • A civil penalty of not more than $1,000 for each violation, not to exceed a total of $30,000.
  • A civil penalty of not more than $25,000 for each knowing violation, not to exceed an aggregate civil fine of $250,000.
  • Complete restitution to all persons in the state damaged by the violation.

To view OFIR’s order, visit: http://www.michigan.gov/documents/dleg/Novus_Centurie__Inc._Cease_and_Desist_288409_7.pdf

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