main menu page title feature menus content footer
My Florida C F O

CFO's Initiatives

Stay Connected

Follow the
Department of
Financial Services

Sign up for the CFO's
weekly newsletter!

Press Release

News   RSS RSS   Press Office   Archive

Two Insurance Executives Arrested for Accepting Insurance Risks by an Insolvent Insurer

8/2/2002

TALLAHASSEE - Two former insurance executives of the defunct Queensway Casualty Insurance Company were arrested today and both charged with writing insurance risks while the company was insolvent.
John P. Davis, Jr., 61, of 939 Page Lane, Mt. Dora, FL and Donald J. Morris, 60, of 6995 Fairway Lakes Dr., Boynton Beach, FL, president and treasurer respectively, were both charged with five counts of accepting insurance risks by an insolvent insurer, a third degree felony. Both men surrendered to fraud investigators with the Department of Insurance and were booked into the Orange County jail. The Office of Statewide Prosecution in Orlando is prosecuting the case.

In January 2000, Queensway Casualty Insurance Company became insolvent when its reserves fell below the minimum $2.5 million required by Florida law. Although the company's reserves were inadequate, the company continued to solicit new and renewal insurance business through August 2000. In January 2001, Queensway Casualty Insurance Company was placed into liquidation with an estimated insolvency totaling $3.4 million.

Queensway Casualty Insurance Company provided insurance to taxicab companies, trucking companies, auto leasing companies and auto sales companies.