OZOP Energy Solutions’ captive EV Insurance Company has received a Conditional Certificate of Authority (CCA) to operate as an insurance company from the Delaware Department of Insurance (DOI).
It will do business as OZOP Plus, and the CCA will become final upon it meeting capital and surplus criteria of the DOI and continuing to meet the accounting standards as outlined in the application for the CCA.
As Captive International reported in December, OZOP wants to write extended warranty products for electric vehicles that will “fill the gap” in manufacturers’ warranties.
Brian Conway, CEO of OZOP Energy Solutions, said: “This is the next step in being able to sell VSCs [vehicle service contracts]. We are very excited to be on the cusp of being able to bring the product to market. We believe that our VSC will be one of the first true products that give peace of mind to an EV owner regarding the cost of EV battery repairs and replacement, range anxiety, environmental responsibilities, roadside assistance, and the accelerated wear on additional components that EV vehicles experience. These are a few of the items that will provide additional comfort and confidence in purchase of an EV.”
Wesley Sierk, of Risk Management Advisors, the Captive Manager for OZOP Plus, commented: “It is clear to us that the rapid growth in the popularity of electric vehicles means owners of electric vehicles will seek out Vehicle Service Contracts”.
OZOP, Conditional Certificate of Authority (CCA), Delaware Department of Insurance (DOI)