Oklahoma Says Farmowners Insurance Program Insurer, Rockingham, not Licensed
The Oklahoma Insurance Department says a farmowners insurance program being advertised in Oklahoma is not valid because the insurer, Rockingham Casualty Co., is not licensed to operate in the state.
In early January, Rockingham Casualty and Edmond, Oklahoma-based FarmAssure LLC announced they had teamed up to offer a farmowners insurance program in Oklahoma. According to the announcement, the program would offer farm, ranch and country home insurance in the state. The programs were to be written on Rockingham Casualty paper, an A.M. Best “A” (Excellent) rated insurer, part of The Rockingham Group.
But the OID says Rockingham is a foreign unlicensed insurer, and that this type of sale is a serious violation of a number of Oklahoma laws and will be prosecuted.
The OID said further that:
- FarmAssure may not sell Farm-Owners insurance issued by unlicensed insurers.
- Oklahoma consumers that have or can qualify for insurance provided by a licensed insurer may not be sold coverage issued by an unlicensed insurance company.
Consumers are advised to call their local agent if they are contacted by anyone concerning Rockingham Casualty Company Farm-Owners insurance, FarmAssure or the “Heritage” Program.
Headquartered in Virginia, Rockingham Group includes Rockingham Mutual Group Inc., Rockingham Group Inc, Rockingham Insurance Co., Rockingham Casualty Co. and Rockingham Mutual Service Agency, according to the early January announcement.