FIRM BACKS SUPERIOR POLICIES KEMPER REASSURES CLIENTS.Byline: Chris Sieroty Staff Writer CALABASAS - State regulators have negotiated a new agreement with Kemper Insurance Companies to cover new and renewal policies being written by Superior National Insurance Group Inc., a state Department of Insurance spokesman said Thursday. The troubled Calababas-based workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurer has also voluntarily withdrawn its listing on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. because it does not meet the exchange's minimum financial requirements. Nor does it qualify for listing on the exchange's SmallCap Market, said Bob Lentz, whose Columbus, Ohio-based company Lentz and Associates handles stockholder relations for Superior. Lentz said that trading in Superior's stock will remain suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. until further notice. Trading was halted when state regulators seized seized (seised) n. 1) having ownership, commonly used in wills as "I give all the property of which I die seized as follows:...." 2) having taken possession of evidence for use in a criminal prosecution. 3) having taken property or a person by force. (See: seisin, seizure) the company last month. Meanwhile, the Kemper agreement covers policies issued by Superior National on or after April 5. The new 90-day agreement replaces a prior deal reached with Centre Insurance Co. State officials also said Kemper's involvement may be more long term. ``I am extremely pleased to have the support and assistance of Kemper in our effort to rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. Superior National,'' Insurance Commissioner Chuck Quackenbush Charles "Chuck" Quackenbush (born 1954) is a Florida law enforcement officer and former California politician. He served as Insurance Commissioner of California from 1995–2000 and as a California State Assemblyman representing the 22nd District, from 1986–1994. said in a statement. ``Kemper adds great value and experience and will help us protect Superior National's good book of business as we develop a comprehensive solution to the serious issues that face Superior National.'' Linda Kingman, vice president of corporate communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. at Kemper in Chicago, said the insurance giant has been involved in the California marketplace for a long time and was concerned about a stable environment. ``We want to work with the Department of Insurance to ensure a stable business climate,'' said Kingman. The agreement with Kemper provides protection for policyholders through the rehabilitation rehabilitation: see physical therapy. of the insurer, said Insurance Department spokesman Scott Edelen. Policyholders covered under new and renewal policies can submit claims directly to Kemper in the event Superior National is ultimately unable to pay those claims, Edelen said. The new agreement has no effect on claims submitted under previously issued policies, which continue to be processed by Superior National under the department's supervision, he said. In addition to providing financial backing, Kemper will provide management resources to assist the state in its day-to-day operation of Superior National. ``The aim is to rehabilitate Superior, and Kemper is helping out in a very strong way (which) would give them a definite edge'' in acquiring the company, Edelen said. ``This is a short-term agreement,'' Kingman said. ``We will assess the situation at the end of 90 days.'' |
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