Ozop Energy Solutions Receives Department of Insurance Approval

Rhea-AI Summary

Ozop Energy Solutions has announced that its subsidiary, EV Insurance Company, Inc., received a Conditional Certificate of Authority to operate as an insurance company from the Delaware Department of Insurance as of January 4, 2022. This approval allows Ozop Plus to create and market Vehicle Service Contracts focused on electric vehicles, addressing concerns such as battery repair costs and environmental responsibilities. CEO Brian Conway expressed excitement about launching these products, which aim to enhance EV owner confidence.

Positive

• Conditional Certificate of Authority granted to EV Insurance Company by Delaware DOI.
• Approval of DBA 'OZOP Plus' allows for targeted branding.
• Creation of Vehicle Service Contracts (VSCs) specifically for electric vehicles.
• Enhances peace of mind for EV owners regarding battery repair costs.

Negative

• None.

EV Insurance Company, Inc. DBA OZOP Plus Preparing for Launch

Florida, NY, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Ozop Energy Solutions. (OZSC), (“Ozop” or the “Company”), today announced its’ subsidiary, EV Insurance Company, Inc. has been granted a Conditional Certificate of Authority (the “CCA”) to operate as an insurance company by the Delaware Department of Insurance (the “DOI”) as of January 4, 2022. The Company also announced that on January 7, 2022, OZOP Plus was approved as the DBA for EV Insurance Company, Inc. The CCA will become final upon Ozop Plus meeting certain capital and surplus criteria of the DOI and continue to meet the accounting standards as set forth in the application for the Certificate of Authority. The Company has in hand the necessary capital and surplus required by the Delaware DOI.

As previously announced Ozop Plus is creating a Vehicle Service Contract (the “VSC”) for electric vehicles (EV’s).

Brian Conway, CEO of OZOP Energy Solutions, Inc. stated “This is the next step in being able to sell VSC’s. 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”. 

About Ozop Energy Solutions.

Ozop Energy Solutions (http://ozopenergy.com/) invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a wide variety of applications in the defense, heavy industrial, aircraft ground support, maritime and other sectors. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

About Ozop Energy Systems, Inc.

Ozop Energy Systems is a leading Manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We are always among the first to receive the newest technology, products, and application techniques. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

About Ozop Capital Partners, Inc.

Ozop Capital Partners Inc. (“Ozop Capital”), a Delaware corporation and a majority owned subsidiary of Ozop Energy Solutions, Inc. Ozop Capital was formed as a holding company to develop a captive insurance company. Ozop Capital owns 100% of EV Insurance Company, Inc. (“EVIC”).

About Ozop EV Insurance Company, Inc. (DBA OZOP Plus)

Ozop EV Insurance Company, Inc. (DBA Ozop Plus) was formed in Delaware on October 29, 2021. On January 4, 2022, the State of Delaware’s Department of Insurance (the “DOI”), granted OZOP PLUS conditional approval to operate as an insurance company. Ozop Plus was formed to create, market, and distribute Vehicle Service Contracts (“VSC’s”) focused on EV cars with specific emphasis on matters related to the battery of EV’s to give owners of EV’s peace of mind regarding the potential cost of repairs and replacement of the battery.

About Power Conversion Technologies, Inc.

Power Conversion Technologies, Inc. designs, engineers, manufactures, and distributes standard and custom power electronic solutions for industrial, military, and sustainable energy sectors. Founded in 1991 and located in East Butler, Pennsylvania, PCTI’s mission is to be the global leader for high power electronics with the highest standard of reliability, quality and continued innovation.

https://twitter.com/OzopEnergy

https://www.facebook.com/OzopEnergy/

The Waypoint Refinery (discord.com)

Safe Harbor Statement

“This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

Investor Relations Contact – Ozop
The Waypoint Refinery, LLC
845-397-2956
www.thewaypointrefinery.com

FAQ

What is the significance of the Conditional Certificate of Authority granted to OZSC?

The Conditional Certificate of Authority allows OZSC's subsidiary, EV Insurance Company, to operate as an insurance company, paving the way for new product offerings.

What are the Vehicle Service Contracts (VSCs) offered by OZSC?

OZSC is creating Vehicle Service Contracts focused on electric vehicles, addressing key concerns for EV owners, particularly regarding battery repair and replacement.

When was the approval for OZOP Plus as a DBA received?

The approval for OZOP Plus as a DBA for EV Insurance Company was granted on January 7, 2022.

What market does OZSC aim to serve with its new insurance products?

OZSC aims to serve the rapidly growing market of electric vehicle owners with specialized insurance products.

What are the potential benefits of VSCs for electric vehicle owners?

The VSCs are designed to provide EV owners with peace of mind regarding the costs of battery repairs, environmental responsibilities, and other maintenance issues.