Department of Insurance takes action against
unauthorized marine insurance sales
Released: April 26, 2005
The Department of Insurance has ordered an insurance company and the association
that sponsors it to cease all participation in the alleged writing of unauthorized
insurance coverage in Louisiana,
Commissioner of Insurance Robert Wooley has announced.
North American Marine General Insurance Company of Panama City, Panama and the membership
organization, International Water Safety Foundation of Blainville, Quebec, Canada,
ordered to cease and desist from engaging in selling unauthorized insurance products
in the state of Louisiana. The Louisiana Insurance Code, Title 22, requires that
carriers writing coverage on watercraft under 5 tons must be authorized to do so
by the Louisiana Department of Insurance. The c&d states that North American
has been offering such coverage through IWSF without the necessary authorization.
Louisiana policyholders with questions about the insurance they purchased from North
American Marine General Insurance Company should call the phone number listed on
the policy for clarification of their coverage. If they still have questions, they
can call the Department of Insurance, toll-free statewide at
800-259-5300, or 225-342-5900, for assistance, Wooley said.