One of the first opportunities was handed to DFS as a result of the 2010 Dodd-Frank legislation expanding the possibilities for the Free Zone through a new category of permissible placements to large commercial insureds with expert risk management capability--a class of business often lost to foreign or
alien insurers and excess carriers.
Ludwig said in a statement to Whispers last week that "if we end up losing this case, perhaps we will have at least succeeded in raising public awareness about the inability of a policy holder to identify, sue, and execute a judgment against the actual
alien insurers of 'Lloyds of London' surplus lines policies.
According to associations," GAO says, "in some cases, states are applying different standards for single and multistate risks, a particular issue for
alien insurers.
branches of
alien insurers domiciled in states other than New York) must "substantially comply" with the requirements and limitations of such sections.
of Insurance Commissioners' (NAIC) Quarterly Listing of
Alien Insurers.
Prohibits a state from prohibiting a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States and listed on the NAIC International Insurers Department Quarterly Listing of
Alien Insurers.
At a minimum, they should become familiar with the three main ways that non-admitted (or unlicensed)
alien insurers may insure U.
Not licensed or admitted if it is an eligible surplus lines carrier listed on the quarterly listing of
alien insurers of the NAIC, or any successor thereto;
In an environment where insurance contracts are increasingly becoming more interconnected with
alien insurers, he says, regulators must "interact and cooperate more extensively.
41 will force insurance buyers to either deal directly with foreign or
alien insurers or deal with brokerage houses located outside of New York State.
Insurers in other countries and other financial institutions in the United States have confronted and overcome these barriers as is witnessed by the number of
alien insurers operating in the United States and the number of U.
for any fiscal year, including all direct and indirect costs, as approved by the director of the budget and audited by the comptroller shall be assessed by the superintendent pro rata upon all domestic insurers and all licensed United States branches of
alien insurers domiciled in this state .
