On August 27, 1991, a Florida circuit court judge ordered the liquidation of Central Life Insurance Company, the last surviving African American owned insurance company in the state of Florida. This action was part of the company’s inability to meet its financial obligations, which led to its insolvency. Liquidation of an insurance company is typically pursued when the company is unable to pay claims and does not have sufficient assets to meet its liabilities, ensuring the proper distribution of assets under the court’s supervision.
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