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
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.
aiding an unlicensed or unauthorized insurer
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.