INSURANCE
State Bans Offshore Insurer: Insurance Commissioner John Garamendi has ordered brokers to stop selling policies written by West Point Insurance Co. of Antigua, which sold more than $17 million of commercial and private-passenger auto insurance in California in the first nine months of 1992. The company, controlled by Florida businessman James E. Charge, is the subject of numerous complaints for non-payment of claims. Regulators have been investigating West Point for several months. The company is unlicensed in California, so policy holders are not protected by the state’s insurance guaranty fund.
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