A paperwork error triggered state regulators to seek suspension of the license of an auto insurance company connected to accident attorney referral firm Ask Gary, according to an attorney representing the company.
As the Times previously reported, Florida Insurance Commissioner Kevin McCarty late Thursday said that auto insurer AGIC Inc. was in unsound financial condition with a surplus under its required $4 million. The company also was late in filing financial statements and wrongly co-mingled funds from other sources to raise its surplus, according to McCarty.
An attorney for Sarasota chiropractor Gary Kompothecras, who is both Ask Gary founder and president of AGIC, denied the allegations Friday.
"AGIC has not wrongfully co-mingled any funds," attorney Gregory Zitani said in a statement. "This situation is a result of paperwork errors and an error by AGIC's bank. Additionally, AGIC's shareholder has contributed $1.2 million in new funds and continues to back the company financially, as needed."
Zitani said the state's action does not impact Kompothecras' practice nor the referral service widely known for its 1-800-Ask Gary commercials and its former branding of the Florida State Fairgrounds amphitheater in Tampa.
AGIC has 21 days to formally respond to McCarty's suspension order and remains licensed to operate in Florida in the meantime.