Paramount Ordered into Rehabilitation
If you are appointed with Paramount Insurance Company, domiciled in Maryland, take note: The company was ordered into receivership.
On Sept. 13, the Circuit Court for Baltimore City approved an immediate order to rehabilitate Paramount with the company’s consent. The court order:
- Places Paramount into rehabilitation, which is a type of receivership
- Appoints Risk & Regulatory Consulting, LLC as the receiver
As such, Risk & Regulatory Consulting took possession of Paramount and will administer the company according to Maryland law.
The court order follows a Sept. 10 administrative order issued by the Maryland Insurance Administration (MIA) that prohibited Paramount from making any disbursement, payment, or transfer of assets, as well as issuing or renewing any insurance policies, without prior approval of the insurance commissioner.
Paramount has approximately 9,000 P&C insurance policies in force and over 8,000 policyholders in Maryland. The MIA in its press release encouraged Paramount policyholders to continue paying their premiums to maintain coverage.
Review our dedicated webpage for the receiver’s contact information, as well as links to FAQs, the court order, and the administrative order.