For one, the seizure is a particularly aggressive step for Quackenbush, who has been criticized by consumer groups for favoring the insurance industry in regulatory matters. The battle over Golden Eagle Insurance is unusual for several reasons. But we concluded that this company was being operated in a hazardous manner.” I wasn’t surprised to see some sort of action, because it’s hard to thumb your nose at government and get away with it.”įor his part, Quackenbush insists: “We’ve kept emotions completely out of this. “He’s insufficiently willing to bow to authority. “John Mabee’s been very much in their face,” said Fred Kilborn, a San Diego independent actuary who examined Golden Eagle’s books. Others agree that Mabee’s provocative attitude increased the chance of a harsh regulatory reaction. Quackenbush called the charge “an unfounded allegation.” “The end result is he takes over a company worth a billion dollars.” “I’m stepping on the toes of lots of insurance companies out there that contributed heavily to” Quackenbush, he said in an interview last week with The Times. He even offered a $100,000 reward to anyone with evidence that Quackenbush was singling out Golden Eagle for discipline. Mabee further charged publicly that he had been made a target because he had contributed a mere $1,000 to the commissioner’s 1994 election campaign. A state judge rejected that argument, ruling twice in three months that Quackenbush had acted entirely within his authority. When the insurance regulators first questioned Golden Eagle’s finances last year, Mabee responded with a lawsuit contending that he had not been given an opportunity to justify the company’s accounting.
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