NAIC Expedites Bond Licences Nationally for Berkshire
The National Association of Insurance Commissioners (NAIC) yesterday announced that 45 jurisdictions have licensed new bond insurer Berkshire Hathaway Assurance Corp. (BHAC). The company's licensure was coordinated via an NAIC application that expedites the approval process.
BHAC’s expedited licensure is part of a three-pronged regulatory response to concerns about the bond insurance market that (1) addresses the continued availability of AAA-rated bond insurance for municipalities; (2) deals with distressed companies by working to bolster contingency reserves; and (3) considers new and/or revised rules and regulations.
“It is a remarkable success story that state insurance regulators, by working together, licensed a new financial guaranty insurer in nearly every state — not within months, but within weeks,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “By providing a streamlined, uniform application process, we were able to facilitate the speedy entrance of a well-capitalized company into the bond insurance marketplace.”
First licensed by the New York State Insurance Department, BHAC submitted an expansion application in February 2008 via the NAIC’s Uniform Certificate of Authority Application (UCAA).
To date, BHAC has been licensed in the following jurisdictions: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Source: Source: NAIC | Published on April 1, 2008
Are you a retail Agent Looking for a Quote?