Unauthorized Insurance

Unauthorized Insurance

An insurance policy sold by a company that has not received permission to do business in one's state. For example, if Tom lives in Oklahoma and an insurance company only authorized to operate in Texas sells Tom a policy, it has sold unauthorized insurance. Selling unauthorized insurance is illegal.
References in periodicals archive ?
IBAO believes the ministry should merely harmonize regulations enacted by the federal government in March 2012 that clarify that online retailing of unauthorized insurance products is prohibited as was originally intended in bank branches.
com, to further educate them and create a level of awareness to the possible risks of fraudulent health insurance plans and products or unauthorized insurance companies, reminding consumers once again to "Check before you write a check.
Jayne McLaughlin, the department's chief of staff, said the company had been fined, quoting the maximum fine for unauthorized insurance activity is $10,000 an occurrence.
The unlicensed reinsurance regulations also state that the carrier cannot use unearned premiums and claims reserves for unauthorized insurance in its financial stability calculations unless the reinsurer supports 100 percent of such amounts with appropriate letters of credit.
In an effort to bring this essential fact to the attention of businesses, the Nevada Division of Insurance is presenting a statewide campaign beginning April 21st, to more fully educate the Nevada consumer of the pitfalls of unauthorized insurance purchases.
com/, to further educate them and create a level of awareness to the possible risks of unauthorized insurance companies or illegitimate insurance policies and products, reminding consumers once again to "Check before you write a check.
Neel was selling unauthorized insurance underwritten by AZTECA through various agencies in California, including Employers Cost Management Services, Cost Solutions International and American Industries Management Inc.
PIA's concern is that the possible structure of potential entities forming discount programs now or in the future could technically, under state insurance law, be unauthorized insurance entities.
April 12 /PRNewswire/ -- Phillip Harold Mollin, the man who last week announced a plan to offer late-hour hurricane coverage at costly rates, has been under a court order since last year prohibiting him from advertising or selling unauthorized insurance products through his agency, Worldwide Weather.
It was about five months ago that Nelson settled a case against Mollin, in which there were allegations that he had engaged in unauthorized insurance transactions and had collected premiums in excess of the amount specified in an insurance contract.
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