AssuranceAmerica Corporation Announces Approval to Write Insurance in Its 11th State -- California.ATLANTA -- Atlanta based AssuranceAmerica Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASAM ASAM American Society of Addiction Medicine ASAM Advanced Surface-to-Air Missile ASAM Advanced Services Access Manager ASAM ATM Subscriber Access Multiplexer (Alcatel) ASAM Association for Solidarity with Asylum Seekers and Migrants ) today announced its Managing General Agency (MGA (1) (Monochrome Graphics Adapter) A display adapter that employs Hercules Graphics, combining graphics and text on a monochrome monitor. (2) (Matrox Graphics Accelerator) A trade name used by Matrox Graphics Inc. ) has been approved by the California Department of Insurance The California Department of Insurance (CDI), established in 1868, is the angency charged with overseeing the regulation of insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in the state to write automobile insurance on behalf of a licensed insurance carrier in that state. According to Automobile Insurance Reports, California generates about $20 billion in automobile insurance premium annually, with some $5 billion characterized as non-standard, making it the largest volume of all 50 states. In announcing California's approval, Lawrence (Bud) Stumbaugh, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AssuranceAmerica said, "This is good news for multiple reasons. First, it shows we have been licensed as an MGA in one of the most stringent regulatory environments in the U.S. and from the largest state. Second, since it is our MGA that has been approved, it gives us the right to market, sale and process auto insurance policies without impacting our surplus needs. While we don't predict an early timetable for entering California, it is sure nice to know we can now seize the opportunity when the timing is right." AssuranceAmerica focuses on the specialty automobile insurance marketplace, primarily in Alabama, Florida, Georgia, South Carolina, Texas, and Louisiana. Its principal operating subsidiaries are TrustWay Insurance Agencies, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Agency"), which sells personal automobile insurance policies through its 48 retail agencies, AssuranceAmerica Managing General Agency LLC ("MGA"), which markets the company's insurance products through over 1,300 participating independent agencies, and AssuranceAmerica Insurance Company ("Carrier"). This press release includes statements that may constitute "forward-looking" statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, as discussed in the Company's filings with the U.S. Securities Exchange Commission (SEC). Historical results are not indicative of future performance. |
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