La. DOI Takes Action Against Unauthorized Marine Insurance Sales

April 26, 2005

The Louisiana Department of Insurance reported it has ordered an insurance company and the association that sponsors it to cease all participation in the alleged writing of unauthorized insurance coverage in Louisiana.

North American Marine General Insurance Company of Panama City, Panama, and the membership organization, International Water Safety Foundation of Blainville, Quebec, Canada, have been ordered to cease and desist from engaging in selling unauthorized insurance products in the state of Louisiana.

The Louisiana Insurance Code, Title 22, requires that carriers writing coverage on watercraft under five tons must be authorized to do so by the Louisiana Department of Insurance. The C&D order states that North American has been offering such coverage through IWSF without the necessary authorization.

Louisiana policyholders with questions about the insurance they purchased from North American Marine General Insurance Company should call the phone number listed on the policy for clarification of their coverage. If they still have questions, they can call the Department of Insurance, toll-free statewide at 800-259-5300, or 225-342-5900, for assistance, Insurance Commissioner Robert Wooley said.

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