The Florida Office of Insurance Regulation (FLOIR) has issued a final order to cease and desist to Infinity Surety of Saginaw, Texas, and its president, George Black, for selling unauthorized surety insurance in Florida.
On April 8, 2010, FLOIR issued an initial order to Infinity and its then president George Black. According to FLOIR, neither Infinity nor Mr Black challenged or contested its initial order, which precipitated its issuance of a final order.
FLOIR said that its investigators determined Infinity has never been granted a certificate of authority or license to transact insurance as a surety company in Florida.
In addition, investigators discovered that Infinity had offered and sold around $2m worth of bonds to Florida contractors for business transactions with cities, counties, and municipalities across the state.
FLOIR serves Floridians through its responsibilities for regulation, compliance and enforcement of statutes related to the business of insurance. It is also entrusted with the duty of monitoring industry markets.