S&P Assigns 'R' Rtg. to Acceleration National.Business Editors NEW YORK--(BUSINESS WIRE)--(Standard & Poor's CreditWire)--Dec. 4, 2000 Standard & Poor's today assigned its 'R' financial strength rating to Acceleration National Insurance Co. (ANIC) after Ohio Department of Insurance Director Lee Covington filed a complaint in the Franklin County Court of Common Pleas COURT OF COMMON PLEAS. The name of an English court which was established on the breaking up of the aula regis, for the determination of pleas merely civil. It was at first ambulatory, but was afterwards located. requesting that the company be placed into rehabilitation. The court granted the order. The complaint was prompted by the 1999 audited financial statement and quarterly financial filings of Acceleration National, which show a deteriorated and hazardous financial condition. Since December 1997, Acceleration National's annual surplus has diminished significantly. In its Sept. 30, 2000 unaudited financial filing, Acceleration National reported a surplus of considerably less than $750,000, which falls below the required statutory minimum surplus amount that Ohio companies are required to maintain minimum capital and surplus pursuant to the Ohio Revised Code The Ohio Revised Code contains all acts passed by the Ohio General Assembly and signed by the governor. The Ohio Revised Code replaced the Ohio General Code in 1953. . Acceleration National is an Ohio-domiciled property and casualty insurance company with licenses in 47 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . ANIC writes principally commercial auto coverage for long haul trucks, charter buses, and limousines. ANIC is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ACCEL ACCEL Accelerate ACCEL Accelerometer ACCEL Accelerando (Music, Gradually Increasing in Speed) ACCEL American College of Cardiology Extended Learning International Corp. An insurer rated 'R' is under regulatory supervision owing to its financial condition. During the pendency Pend´en`cy n. 1. The quality or state of being pendent or suspended. 2. The quality or state of being undecided, or in continuance; suspense; as, the pendency of a suit s>. of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations, Standard & Poor's said.--CreditWire |
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