Office Orders Safe Harbor Christian Foundation to Cease and Desist Writing Donor Annuities

Apr 5 • 62 Views • View Comments

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TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty yesterday issued an order to Safe Harbor Christian Foundation (Safe Harbor) to cease and desist writing any new donor annuity business in Florida. Safe Harbor was registered as a donor annuity in Florida in 2007, and has home offices in Newark, Ohio. Safe Harbor reported a total of three annuities in force in Florida totaling $100,000.

The Office’s order was precipitated by action by the U.S. Commodity Futures Trading Commission (the Commission) in the U.S. District Court for the Western District of North Carolina. On January 19, 2011 the Commission froze the assets of Divine Circulation Services, LLC (Divine Circulation). Safe Harbor represented to the Office that it ceased making payments to its annuitants during December 2011 due to the freezing of its assets invested in Divine Circulation. The U.S. Commodity Futures Trading Commission is an independent agency of the federal government that regulates futures and options trading.

Under Florida law, Safe Harbor has 21 days to file a petition with the Office to request a proceeding to contest the Office’s actions.

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm.

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Contact: Jack McDermott Amy Bogner
850-413-2515 850-413-2515
Jack.McDermott@floir.com Amy.Bogner@floir.com

 

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