INSURANCE
From Times Staff and Wire Reports
Gerant Insurance Unit Banned in California: Greater Indemnity & Casualty Insurance Co. Ltd., a 40%-owned subsidiary of Los Angeles-based Gerant Industries, was banned from selling insurance in California after regulators rejected its financial filings. Greater Indemnity, registered in the West Indies and unlicensed in California, sold $5.8 million worth of auto insurance here in the last two quarters of 1992, according to the California Surplus Lines Assn., trade group for the specially licensed brokers who are the only ones allowed to sell policies from unlicensed carriers. The insurer contributed $1.9 million of Gerant’s $3.8 million of revenue in the quarter ended Dec. 31.
