Holly C. Bakke, the head of New Jersey’s Department of Banking and Insurance, has issued a bulletin to the state’s licensed surplus lines producers requesting that they advise policyholders about the Legion Indemnity Insurance Company trust fund.
Legion, a New Jersey-eligible surplus lines insurer, domiciled in Illinois, was found to be insolvent by an Illinois court last April. A trust was set up for its assets and the Superintendent of the New York Insurance Department was appointed Conservator by the state’s Supreme Court.
Bakke’s bulletin noted that her Department has “been advised that the Conservator has the responsibility to adjudicate claims of the United States policyholders of Legion Indemnity, and was requested to provide a list of policyholders, including the claimant’s name and address, amount claimed and reserved, policy and claim numbers, and the claim files relevant to these filings.”
Subsequently the DOBI issued this bulletin to “advise New Jersey licensed surplus lines producers that may have placed business with Legion Indemnity of the existence of this trust fund, and that they should advise policyholders so placed of the existence of this trust fund.
“Relevant information relating to outstanding claims with Legion Indemnity may be filed with the State of New York Insurance Department, Liquidation Bureau, 123 William Street, New York, NY 10038-3889.”
Was this article valuable?
Here are more articles you may enjoy.