A Towson, Md.-based insurance company had its license to sell insurance in Washington, D.C., revoked for failing to pay $7,500 in outstanding premium taxes.

Aero Indemnity Insurance Co. also was ordered in the D.C. ruling to pay the outstanding premium taxes from 2008, according to an order from the District of Columbia Department of Insurance, Securities and Banking.

Aero Indemnity is a captive insurance company, accused in June 2009 of violating District law by not complying with annual reporting requirements.

The company failed to appear at a hearing last July.

Records show that on Feb. 2, 2009, The Taft Cos. sent a letter to the DISB requesting a waiver of the requirement for an Annual Statement, CPA Audited Statement, Actuarial Review and Opinion, premium tax payment and certificate of renewal fees for the year ending Dec. 31, 2008. The company was being dissolved.

That same day, DISB granted the waiver, except for the premium tax payment, provided the company dissolved by May 1, 2009.

This story originally appeared in the January 2010 print edition of Insurance & Financial Advisor.