Forms used by admitted and authorized insurers
are filed with and reviewed by the DFS except for policies written in the free trade zone.
Currently, eligibility for E&S coverage in Florida requires that the procuring agent seek three rejections from authorized insurers
writing this type of coverage and document these rejections on a diligent-effort form.
State insurance departments keep publicly available complaint-ratio statistics for authorized insurers
, and rating companies like A.
Generally, under the provisions of the bill, only the licensed entities themselves would be exempt, including hospitals, authorized insurers
, third party administrators, prepaid limited health service organizations, and HMOs.
The Georgia legislature, for example, authorized insurers
in 2005 to offer many consumers an alternative plan with limited benefits.
The FSA has also authorized insurers
to sell the products of rival insurers, opening the way for financially beleaguered midsize insurers to survive competition by concluding arrangements with bigger insurers to sell their policies.
Currently, Hong Kong has 209 authorized insurers
, 347 insurance brokers and 45,406 insurance agents.
In addition, the bill will require a holding company or parent insurer to establish a formal risk management function and to file an annual report that would identify material risks that could pose enterprise risk to New York authorized insurers
," said Senator Seward.
Notwithstanding that certain sections of the New York insurance law expressly state that they are applicable only to New York domestic insurers, instances exist where foreign authorized insurers
All authorized insurers
writing direct property and casualty business are members of FIGA.
Many of these licensed entities are active in the Australian market, particularly in segments where authorized insurers
have been reducing capacity.