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The Department of Insurance took 2 1/2 years to deny Castleton Group an operating license.2005JULY 1: Castleton submits application to be licensed as a professional employer organization.AUG. 29: Insurance Department asks Castleton for additional information.DEC. 30: Insurance Department sends information regarding Castleton's self-funded health insurance plan to its actuarial division for review.2006MARCH 20: Actuarial division requests legal opinion on self-funded health insurance plans.MAY 3: Actuarial division gives regulators a positive report on Castleton's health plan.MAY 12: Castleton submits a draft of its financial statements; requests 90-day extension for submitting audited statements.AUG. 8: Insurance Department sets Aug. 31 deadline for submitting audited financials.AUG. 25: Castleton's auditing firm requests 60-day extension.AUG. 30: Insurance Department extends deadline to Oct. 31.OCT. 20: Castleton submits audited statements.NOV. 20: Insurance Department sends a "denial of application" letter to Castleton.DEC. 19: Castleton requests review of the denial.2007JAN. 11: Castleton submits recapitalization plan.FEB. 2: Insurance Department confirms decision to deny the company a license.MARCH 13: Castleton requests a hearing.MAY 9: Hearing scheduled for June 28.JUNE 15: Castleton's attorney requests postponement of the June 28 hearing.JULY 20: Hearing scheduled for Sept. 6.AUG. 27: Castleton requests postponement of Sept. 6 hearing.AUG. 29: Castleton's motion for postponement granted.OCT. 25: Hearing conducted. Final arguments scheduled for Nov. 28.NOV. 21: Castleton informs Insurance Department that it owes IRS millions in payroll taxes.NOV. 26: Castleton attorney seeks postponement of Nov. 28 hearing.NOV. 28: Castleton motion denied and hearing conducted.NOV. 29: Insurance Department denies Castleton's license and orders it to halt operations.NOV. 30: Castleton obtains a temporary stay of Insurance Department order in Wake County Superior Court.DEC. 18: Castleton announces that it has halted operations.DEC. 22: Castleton files for Chapter 7 bankruptcy.(N.C. DEPARTMENT OF INSURANCE, THE NEWS & OBSERVER)(NOTE: DATES INVOLVING LETTERS OR DATA SUBMITTED BY CASTLETON REFLECT THE DATE THAT THE DEPARTMENT OF INSURANCE RECEIVED THE INFORMATION.)
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