Insurance co. suspected of selling without license

Insurance Commissioner Carroll Fisher has issued a cease and desist order against a company based on the Caribbean island of St. Vincent that was accused of operating without a license in Oklahoma.

Earlier, California officials alleged Tri-Continental Exchange was selling insurance policies, primarily to taxicab companies, using the names Nationwide Insurance, Globe Indemnity Insurance and other recognizable insurance company names. However, Nationwide, Globe Indemnity, nor any other legitimate insurer was found to back, or be involved with Tri-Continental.

Oklahoma officials suspect Tri-Continental may have sold unlicensed policies to at least one taxicab company in the Tulsa area. Under Fisher's order, Tri-Continental could be fined up to $25,000 for each violation.

From what we can tell, the company was paying its insurance claims, but it is unacceptable that it would sell without a license using the names of legitimate insurance companies, Fisher said. We want companies to write insurance in Oklahoma but we want them to do so with a level playing field.

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