branch of an alien insurer
) licensed in New York (but not licensed as a monoline financial guaranty insurer) is prohibited from issuing financial guaranty insurance policies in New York.
While the legislature will consider other insurance topics in 2012--including jobs and operational-related issues such as expanding Florida's captive and alien insurer
industries and the Model Holding Company Act and its companion public records exemption for trade secrets--the loudest, most contentious arguments will continue to fall around the persistent public policy problems of PIP, property, drug repackaging, and bad faith reform.
An alien insurer
wishing to accept surplus lines insurance typically starts the process with an application for inclusion on the Quarterly Listing of Alien Insurers
published by the International Insurers Department of the National Association of Insurance Commissioners (NAIC).
Section 3 of the NAIC's Model Act states that it is "an improper claim practice for a domestic, foreign, or alien insurer
transacting business" in the particular state to commit an act defined in Section 4 if it was committed "flagrantly and in conscious disregard" of the act or any rules promulgated hereunder; or "with such frequency to indicate a general business practice to engage in that type of conduct."
The proposed new agency would be a privately chartered corporation run under the aegis of the National Association of Insurance Commissioners, and in that regard it would resemble the new agency aimed at resolving the alien insurer
Increasing the Qualified Financial Contracts in an Insurance Insolvency Proceeding Effecting a Domestic, Foreign, or Alien Insurer
branch certificate of authority as an alien insurer
in Florida and is dissolving.
market "doesn't have any single dominant insurer as many other countries do; and for any alien insurer
coming to this market, there is a ready-made distribution system that is eager and waiting to link up with an insurer with capital," Mr.
"In fulfilling its statutory mandate to notify the Superintendent if ELANY believes that an unauthorized insurer does not meet the standards of eligibility imposed by New York, ELANY has compiled extensive data on every foreign and alien insurer
writing business in New York while monitoring their activities."
risks as an alien insurer
that is not subject to U.S.
Best believes that the lists such as die California Unacceptable Nonadmitted Carrier List; the LID Alien Insurer
, or "White list"; and the black lists generated by many states should be distributed more widely.
Last, the insurer must be an alien insurer
listed on the most recent NAIC Non-Admitted Insurers Quarterly Listing, or the insurer must have been approved for writing after publication of the most recent listing.