Atlantic & Pacific Insurance Co. v. Barnes

COYTE, * Judge.

Respondent, J. Richard Barnes, Colorado Commissioner of Insurance (Insurance Commissioner), appeals the judgment of the trial court determining that, contrary to respondent’s ruling, the capital of petitioner, Atlantic & Pacific Insurance Company (A & P), was not impaired and setting aside the Insurance Commissioner’s order placing A & P under conservatorship. We reverse.

On February 22,1982, following a preliminary audit of A & P’s books and records, the Insurance Commissioner placed A & P under an order of direct supervision pursuant to § 10-3-405, C.R.S.1973. It was…