Editor's note: Steven A. Meyerowitz, Esq., is a director of FC&S Legal. FC&S and PC360 are both owned by Summit Professional Networks.
Tower Group International, Ltd. has filed a Form 8-K stating that, on May 20, the Massachusetts Department of Insurance (the MDOI) entered an amended order of administrative supervision with respect to Tower National Insurance Company and Massachusetts Homeland Insurance Company, each of which is a wholly owned subsidiary of the Company and an insurance company organized under the laws of the Commonwealth of Massachusetts (collectively, the Massachusetts Insurers).
Under the terms of the order, the Massachusetts Insurers are subject to enhanced reporting requirements to the MDOI and are restricted from selling or encumbering assets or incurring debt, making material changes in management, entering into employment agreements, writing any new business other than policies that are 100% reinsured to affiliates of AmTrust Financial Services, Inc., and National General Holdings Corporation pursuant to cut-through reinsurance agreements currently in effect with such entities, declaring or paying dividends, making new investments or changing investment practices, entering into new reinsurance agreements, and increasing the compensation of officers or directors, in each case without the consent of the MDOI.
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