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
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
Virginia’s New Gun Laws Challenged by Some Local Prosecutors and Lawsuits From This Issue
