Pennsylvania Insurance Commissioner Diane Koken has closed down the reported illegal insurance operations of the following companies:
*International Water Safety Foundation (IWSF) of London, England
*Water Safety Services (WSS) of Blainville, Quebec
*North American Marine General Insurance Company Ltd. (NAMGIC) of
Panama, Republic of Panama
“None of these entities have ever been authorized by the Pennsylvania Insurance Department to engage in the business of insurance in this Commonwealth,” Koken said. “We have found that they were selling and underwriting marine insurance policies for Pennsylvania residents. They were not licensed to collect premiums or issue contracts, and they have been stopped.”
The Administration requires that IWSF, WSS and NAMGIC pay civil penalties for past conduct and will cease and desist from any future activities. In addition, the companies are now prohibited from applying for a certificate of authority to transact insurance business in Pennsylvania.
“It is extremely troubling that these companies showed total disregard for law and authority,” Koken added. “Our investigations showed that their business practices underscored total disregard for Pennsylvania consumers as well, and they will receive the full force of penalties allowed by law.”
Topics Pennsylvania
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