Texas Insurance Commissioner Jose Montemayor ordered a London-based “foundation” to pay a $500,000 fine and to stop offering boat insurance in Texas without a license or other proper authority from the Texas Department of Insurance. Earlier this month, Montemayor issued a cease-and-desist order and imposed a $200,000 fine on a Panama City, Panama, company involved in the same unauthorized insurance scheme. Montemayor issued the orders against International Marine Safety Foundation (IMSF) of London, and North American General Insurance Co. Ltd. of Panama City. Essentially, IMSF acted as the agent for North American. Neither holds a license or other authority to sell insurance in Texas. IMSF faxed Texas insurance agents and boat dealers offers of “discounted insurance coverage” and “immediate coverage” from North American through a membership in IMSF.
Topics Texas
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