The state has taken over yet another property insurer.
In a consent order signed in early December, Florida Insurance Commissioner Kevin McCarty has taken over the Coconut Grove-based Magnolia Insurance Co., for at least the next four months.
H. James Irl, president of Magnolia Insurance Co., has also resigned.
Magnolia is prevented from taking on new policies or renewing policies without prior consent from the Office of Insurance Regulation. It also cannot cancel or allow policies to lapse, except for nonpayment.
Magnolia had been taking over the policies from Citizens since it began operating last April.
This is the fourth property and casualty insurer to face problems in 2009.
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