Lumbermens underwriting alliance news 2015

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Lumbermens underwriting alliance news 2015

We consider them family. Logic would suggest statute, insurance departments and credit rating organizations each play a vital role in how my profession as an insurance agent is governed as well as the insurance carrier community of any given state.

This process ensures that only good people with enough money and who have proved to have the management team and platform to operate an insurer are allowed to What types of products are allowed in the given state for any specific carrier fall on statute; which is then administered through the authorities granted that carrier.

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Unfortunately, I know of no state where a different size or solvency level needs to be in place to have the authority to offer a large deductible.

Just three years ago, author Jon Coppelman was kind enough to allow me a rebuttal to an article inferring that it was the PEO community that rendered another insurance carrier insolvent.

The full story here… my piece below: I am still very appreciative for him allowing me to present a different perspective; which is the same problem today nearly 3 years later. This is a product not an industry issue. While not contesting the premise that large deductibles are poorly managed in Florida and elsewherehe believes that I unfairly singled out PEOs in the blog.

The fundamental issue is the failure of the state to adequately regulate and oversee large deductible programs. I agree. Of course not.

A few more carriers have gone insolvent as a result of this specific issue, many policyholders with lost collateral and deposit instruments and and the claims continue to pile up on the guaranty funds. The easy scapegoat is the PEO or Staffing Services policyholder, yet in these cases they were the consumer of a very highly sophisticated financial services product.

NCIGF | National Conference of Insurance Guaranty Funds

This is an extreme shift that deserves more attention by the regulators that manage the product. Logic would tell us that taxpayers should not have to bail out states that create law and the insurance companies that profit under it.

The following two tabs change content below.May 27,  · Lumbermen's Underwriting Alliance in Receivership On May 19, , Lumbermen’s Underwriting Alliance, a reciprocal inter-insurance exchange organized under the laws of the State of Missouri ("Lumbermen's"), was ordered into receivership for the purposes of rehabilitation by the Circuit Court of Cole County, Missouri (the "Court").

Mar 30,  · What Really Took Down Lumbermen’s Underwriting Alliance.

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Unfortunately, it is and no states that I know of have large deductible language that addresses the inherent credit risk of the product. PEO news to your inbox for free. Name.

lumbermens underwriting alliance news 2015

Email* Connect with us on social media. Lumbermen's Underwriting Alliance in Liquidation: On May 23, , the Circuit Court of Cole County, Missouri declared Lumbermen's Underwriting Alliance ("LUA") .

Lumbermen's Underwriting Alliance provides commercial property and insurance coverage services. Its products include building as well as personal property insurance, specialty policies, employer liability coverage, surety bonds and workers compensation plans. The company was founded on January 9, and is headquartered in Boca Raton, F L. New York Justice Closes Ancillary Receivership For Lumbermen’s Underwriting Mealey's (December 18, , PM EST) -- NEW YORK — A New York justice on Nov. 13 closed the ancillary receivership proceeding of an insolvent Missouri insurer (In the Matter of the Ancillary Receivership of Lumbermen’s Underwriting Alliance, No. /16, N. May 27,  · Lumbermen's Underwriting Alliance in Receivership On May 19, , Lumbermen’s Underwriting Alliance, a reciprocal inter-insurance exchange organized under the laws of the State of Missouri ("Lumbermen's"), was ordered into receivership for the purposes of rehabilitation by the Circuit Court of Cole County, Missouri (the "Court").

A. The Receiver is in charge of LUA during Liquidation. On May 19, , the Court signed a Rehabilitation Order appointing the Director as Receiver of LUA. On May 23, , the Court signed a Liquidation Order with a Bar Date of May 24, , which continued the .

Lumbermen's Underwriting Alliance provides commercial property and insurance coverage services. Its products include building as well as personal property insurance, specialty policies, employer liability coverage, surety bonds and workers compensation plans. The company was founded on January 9, and is headquartered in Boca Raton, F L.

New York Justice Closes Ancillary Receivership For Lumbermen’s Underwriting Mealey's (December 18, , PM EST) -- NEW YORK — A New York justice on Nov. 13 closed the ancillary receivership proceeding of an insolvent Missouri insurer (In the Matter of the Ancillary Receivership of Lumbermen’s Underwriting Alliance, No.

/16, N.

lumbermens underwriting alliance news 2015
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