Carlos Benitez Agency’s c/s fees for license bonds increased the cost by 50% – this is an excellent development. Let’s hope they’re on “island time” and the 30 day limit for filing the appeal passes before they notice…
I commend CIAB for its efforts to strike down anticompetitive protectionist laws requiring countersignature, commission splits, etc.
There are states that require that only an officer of the corporation can act regarding transactions in a given state, states that probibit the sale of insurance for residents of the state even where a non-resident license is maintained, states that will not appoint corporations to sell insurance in them, and all manner of other laws that have NOTHING WHATSOEVER TO DO WITH PROTECTING CUSTOMERS. Such laws are designed to protect inefficient local insurance agencies/brokers from competition outside the state. These law need to be thrown out on a wholesale basis.
Sincerely,
Thomas E. Nelson
I understand that Puerto Rico had 30 days to appeal Judge Fuste’s ruling. This window of opportunity has since expired. Has there been any update regarding the appeal? Has Puerto Rico’s law requiring nonresident brokers to obtain the countesignature of a resident agent been officially over turned?
Carlos Benitez Agency’s c/s fees for license bonds increased the cost by 50% – this is an excellent development. Let’s hope they’re on “island time” and the 30 day limit for filing the appeal passes before they notice…
I commend CIAB for its efforts to strike down anticompetitive protectionist laws requiring countersignature, commission splits, etc.
There are states that require that only an officer of the corporation can act regarding transactions in a given state, states that probibit the sale of insurance for residents of the state even where a non-resident license is maintained, states that will not appoint corporations to sell insurance in them, and all manner of other laws that have NOTHING WHATSOEVER TO DO WITH PROTECTING CUSTOMERS. Such laws are designed to protect inefficient local insurance agencies/brokers from competition outside the state. These law need to be thrown out on a wholesale basis.
Sincerely,
Thomas E. Nelson
I understand that Puerto Rico had 30 days to appeal Judge Fuste’s ruling. This window of opportunity has since expired. Has there been any update regarding the appeal? Has Puerto Rico’s law requiring nonresident brokers to obtain the countesignature of a resident agent been officially over turned?