Unauthorized Insurer

Unauthorized Insurer

An insurance company that has not received permission to do business in one's state. For example, an insurance company only authorized to operate in Texas is an unauthorized insurer in Oklahoma. It is illegal for an unauthorized insurer to do business.
References in periodicals archive ?
However, exceptional risks can be insured with unauthorized insurer, provided prior approval is obtained from Naicom.
ELANY points out that New York insurance law, in addition to filing requirements imposed on insurers, requires brokers to use "due care" in selecting the unauthorized insurer.
It prohibits calling attention to unauthorized insurers and provides that "[n]o insurance agent, insurance broker or other person shall, by any advertisement or public announcement in [New York], call attention to any unauthorized insurer or insurers.
Under the proposed budget, the fine for acting without a license and aiding an unauthorized insurer would have jumped from $500 to $10,000.
Any company that qualifies under the industrial insured exemption can procure insurance from an unauthorized insurer without leaving the state or following surplus lines procedural requirements.
In Oregon, a statute was enacted that, in many cases, disqualified coverage purchased from an unauthorized insurer.
More substantial fines (up to $15,000 to one respondent) were issued in connection with failing to properly file excess line broker affidavits and others ($2,000, $9,100, and $63,000 respectively) involved the solicitation, negotiation and or delivery in New York of annuity contracts issued by an unauthorized insurer.
An unauthorized insurer writing insurance or an insurer writing noninsurance only subjects the insurer to regulatory penalties.
direct access to an unlicensed, unauthorized insurer.
6 would require any policy placed with an unauthorized insurer to conform to the minimum requirements of the N.
The "Big I" also opposes the provisions in the Governor's budget that would raise the fine for acting without a license or aiding an unauthorized insurer from $500 to $10,000 per occurrence on the basis that an honest mistake in timely renewing a license could subject a licensee to such staggering penalties that he or she would be forced out of business.
Full browser ?