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The Colorado Division of Insurance has ordered Minnesota Surety and Trust to halt operations in Colorado for what authorities characterize as “flagrant disregard of Colorado insurance law.”
Minnesota Surety has been fined $1.2 million, which includes a civil penalty of $200,000 to be paid within 14 days. The additional $1 million is stayed, but it must be paid if the company does not pay the $200,000 within the timeline.
John Postolowski, interim insurance commissioner, said that despite repeated demands, Minnesota Surety failed to provide data and information requested by insurance division investigators.
