
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, July 1, 1993                   TAG: 9307010145
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

SCC SLAPS HOLD ON INSURANCE COMPANY'S RECRUITING

The State Corporation Commission said Wednesday that Home Buyers Warranty Corp. cannot recruit any more Virginia builders into its protection program until its parent company increases its surplus funds.

Home Buyers is affiliated with National Home Insurance, a privately held company registered in Denver. National Home had a negative surplus of about $4.3 million at the end of 1992, said the SCC's Bureau of Insurance.

The company must restore a minimum surplus of $1.2 million to meet legal requirements, the SCC said.

Home Buyers Warranty is listed as a member of the Roanoke Regional Home Builders Association.

National Home has offered warranty insurance on newly constructed homes nationwide since the early 1980s, a spokeswoman said.

Patty Angelbello said the company had not received any notification of the SCC order, but had expected a ruling. - Staff report

by CNB