The MIIX Group: N.J. Regulator Seeks to Place Subsidiary in Rehabilitation
The MIIX Group Inc. announced that the New Jersey Department of Banking and Insurance (“Department”) has filed an application for an Order to Show Cause seeking to place one of its insurance subsidiaries, MIIX Insurance Company (“MIIX Insurance”), in rehabilitation.
The Department is seeking from the court entry of an Order to Show Cause that would: a) maintain in force MIIX Insurance’s current Management Services Agreement with The MIIX Group and New Jersey State Medical Underwriter’s Inc. until the Order of Rehabilitation is entered; and b) prohibit the filing of new lawsuits against MIIX Insurance without the permission of the Department or the court. The Department is also seeking from the court entry of an Order of Rehabilitation that would, after a hearing, appoint the Department’s Commissioner as Rehabilitator of MIIX Insurance with immediate and exclusive control over the business and property of MIIX Insurance.
The company has reportedly not consented to the entry of the orders requested by the Department.
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