OTHER NEWS - March 28, 1992

Two Insurers Ordered to Stop Selling: Insurance Commissioner John Garamendi ordered People’s Assurance Cooperative of Fullerton to stop selling automobile insurance, saying the company had inadequate assets of just $43,168 and a claim reserve of only $20,000. He also revoked the license of surplus lines broker Joel Kracow of Canoga Park for allegedly “selling worthless and fictitious automobile insurance policies” and filed a formal accusation alleging violations of state insurance law by Sentinel Insurance Agency of Sacramento.