8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 7, 2001

Preserver Group, Inc.

(Exact name of registrant as specified in its charter)

New Jersey	0-671	22-0747730
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation or organization)	File Number)	Identification No.)

95 Route 17 South

Paramus, New Jersey  07653

(Address of principal executive offices)

Registrant's telephone number, including area code: (201) 291-2000

(Former name or former address, if changed since last report)

Item 7 – Financial Statements, Pro Forma Financial Information and Exhibits.

(c)Exhibits

The following Exhibit is filed as part of this report:

99.1-Preserver Group, Inc. Press Release (December 7, 2001).

99.2-Consent Order No. C01-117 between the New Jersey Department of Banking and Insurance and Motor Club of America Insurance Company.

Item 9 – Regulation FD Disclosure

                On December 7, 2001, the Company issued the press release attached hereto as Exhibit 99.1 and entered into the Consent Order attached hereto as Exhibit 99.2.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereto duly authorized.

Dated:  December 7, 2001

PRESERVER GROUP, INC.
By:	/s/ Patrick J. Haveron
Patrick J. Haveron
Executive Vice President
Chief Executive Officer and
Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

                                Patrick J. Haveron, CPA

                                Executive Vice President – Chief Executive Officer

                                Preserver Group, Inc.

                                95 Route 17 South

                                Paramus, NJ 07653

                                201-291-2112

                                E-mail: phaveron@preserver.com

PRESERVER GROUP, INC. ANNOUNCES ADDITIONAL NEW JERSEY PRIVATE PASSENGER AUTOMOBILE INSURANCE DEVELOPMENTS

PARAMUS, NEW JERSEY, December 7, 2001 – Preserver Group, Inc. (NASDAQ: PRES) ("Company") today announced that its Motor Club of America Insurance Company (“Motor Club”) unit had received supplemental relief to that previously received on July 18, 2001 from the New Jersey Department of Banking and Insurance (“NJ DOBI”). NJ DOBI also ordered that effectively immediately, Motor Club is relieved of its obligations under the New Jersey private passenger automobile “take-all-comers” laws. Under the July 18 relief, Motor Club immediately ceased accepting new business in Urban Enterprise Zone’s (“UEZ’s”) (where it wrote double the required amount), was permitted to non-renew a number of UEZ risks and was granted relief from assigned risk business. The relief will continue indefinitely until modified or vacated by the NJ DOBI based on Motor Club’s financial condition. For the twelve months ended September 30, 2001, Motor Club’s premium to surplus ratio was 4.23 to 1. Motor Club is the only subsidiary of the Company that writes New Jersey private passenger automobile insurance.

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THIS NEWS RELEASE IS ALSO AVAILABLE AT WWW.PRESERVER.COM

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EX-99.2

Exhibit 99.2

Consent Order No. C01-117

STATE OF NEW JERSEY

DEPARTMENT OF BANKING AND INSURANCE

DIVISION OF INSURANCE

IN THE MATTER OF MOTOR CLUB     )	SUPPLEMENTAL
OF AMERICA INSURANCE COMPANY)	ORDER

                        This matter comes before the Commissioner of Banking and Insurance ("Commissioner") of the New Jersey Department of Banking and Insurance, Division of Insurance ("Department"), upon the application of Motor Club of America Insurance Company ("Motor Club" or "Company"), dated November 26, 2001, for relief from its obligation to write all eligible persons pursuant to N.J.S.A. 17:33B-15 and requesting a continuation of other relief granted under Consent Order No. C01-111.

                        Motor Club is a New Jersey domiciled property and casualty insurer licensed to transact insurance business in New Jersey since February 9, 1990. Motor Club is a wholly-owned subsidiary of Preserver Group Inc., and writes only private passenger automobile insurance in New Jersey.

                        In May, 2001, Motor Club applied to the Department for relief from its obligation to write all eligible persons pursuant to N.J.S.A. 17:33B-15. The Department's review of Motor Club indicated that its high percentage of business in the areas designated as "urban enterprise zones" (UEZ's) was affecting its financial condition. As a result, on July 18, 2001, consent Order No. C01-111 was issued, which placed Motor Club under administrative supervision and authorized it, among other provisions, to cease accepting business in the UEZs and to non-renew a certain number of its policies in the UEZs. The relief granted in Order C01-111 was to continue in effect until December 31, 2001 unless extended by the Commissioner.

                        On November 26, 2001, Motor Club again requested relief from its obligation to write all eligible persons pursuant to N.J.S.A. 17:33B-15 and a continuation of its relief granted under Order No. C01-111.

                        Motor Club has supported its request for relief from its obligation to write all eligible persons pursuant to N.J.S.A. 17:33B-15a and continuation of the relief granted under Consent Order No. C01-111 with financial statements.

                        The Department has continued to monitor Motor Club's financial condition. Despite the relief granted in Consent Order No. C01-111, the financial condition of Motor Club has continued to deteriorate, which warrants the actions set forth below.

NOW, THEREFORE, IT IS on this 7th day of Dec., 2001;

ORDERED that:

1.                   Effective immediately, Motor Club shall be relieved from its obligation to write all eligible persons pursuant to N.J.S.A. 17:33B-15. Such relief shall continue indefinitely until modified or vacated by subsequent order of the Department based on Motor Club's financial condition.

2.                   All other terms of Consent Order No. C01-111 shall remain in effect indefinitely until modified or vacated by subsequent order of the Department based on Motor Club's financial condition. If any term of Consent Order No. C01-111 is inconsistent with any relevant term in this Supplemental Order, that term shall be inapplicable.

/s/  Donald Bryan                                                                        

  Donald Bryan

  Acting Commissioner