BANKING & FINANCE - July 26, 1991
From Times Staff and Wire Reports
Garamendi Moves Against New Jersey Life: California Insurance Commissioner John Garamendi said he issued a cease-and-desist order against New Jersey Life Insurance Co., prohibiting it from soliciting new or renewal business in California. He said the insurer was in hazardous financial condition that could render it insolvent or force it into liquidation, noting that New Jersey regulators have said they are considering seizing the company.
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