Common use of Required Insurer Attributes Clause in Contracts

Required Insurer Attributes. All Policies must be issued by Insurers satisfying the following requirements: (i) Insurers shall have a minimum AM Best rating of A minus. (ii) Each Insurer must be an authorized insurer in accordance with Section 107(a) of the New York State Insurance Law. (iii) Insurers must be admitted in the State; provided, however, that if an Insured requests the Agency to accept a non-admitted Insurer, and if the Agency reasonably determines that for the kind of operations performed by the Insured an admitted Insurer is commercially unavailable to issue a Policy or is non-existent, then the Agency shall provide its written consent to a non-admitted Insurer. For purposes of this paragraph, an “admitted” Insurer means that the Insurer’s rates and forms have been approved by the State Department of Financial Services and that the Insurer’s obligations are entitled to be insured by the State’s insurance guaranty fund.

Required Insurer Attributes. All Policies must be issued by Insurers satisfying the following requirements: (i) Insurers shall have a minimum AM Best rating of A minus. (ii) Each Insurer must be an authorized insurer in accordance with Section 107(a) of the New York State Insurance Law. (iii) Insurers must be admitted in the State; provided, however, that if an Insured requests the Agency Issuer to accept a non-admitted Insurer, and if the Agency Issuer reasonably determines that for the kind of operations performed by the Insured an admitted Insurer is commercially unavailable to issue a Policy or is non-existent, then the Agency Issuer shall provide its written consent to a non-admitted Insurer. For purposes of this paragraph, an “admitted” Insurer means that the Insurer’s rates and forms have been approved by the State Insurance Department of Financial Services and that the Insurer’s obligations are entitled to be insured by the State’s insurance guaranty fund.

Required Insurer Attributes. All Policies must be issued by Insurers satisfying the following requirements: (i) Insurers shall have a minimum AM Best rating of A minus. (ii) Each Insurer must be an authorized insurer in accordance with Section 107(a) of the New York State Insurance Law. (iii) Insurers must be admitted in the State; provided, however, that if an the Insured requests the Agency to accept a non-admitted Insurer, and if the Agency reasonably determines that for the kind of operations performed by the Insured an admitted Insurer is commercially unavailable to issue a Policy or is non-existent, then the Agency shall provide its written consent to a non-admitted Insurer. For purposes of this paragraph, an “admitted” Insurer means that the Insurer’s rates and forms have been approved by the State Department of Financial Services and that the Insurer’s obligations are entitled to be insured by the State’s insurance guaranty fund.

Required Insurer Attributes. All Policies must be issued by Insurers satisfying the following requirements: (i) Insurers shall have a minimum AM Best rating of A minus. (ii) Each Insurer must be an authorized insurer in accordance with Section 107(a) of the New York State Insurance Law. (iii) Insurers must be admitted in the State; provided, however, that if an the Insured requests the Agency Issuer to accept a non-admitted Insurer, and if the Agency Issuer reasonably determines that for the kind of operations performed by the Insured an admitted Insurer is commercially unavailable to issue a Policy or is non-existent, then the Agency Issuer shall provide its written consent to a non-admitted Insurer. For purposes of this paragraph, an “admitted” Insurer means that the Insurer’s rates and forms have been approved by the State Insurance Department of Financial Services and that the Insurer’s obligations are entitled to be insured by the State’s insurance guaranty fund.

Required Insurer Attributes. All Policies must be issued by Insurers satisfying the following requirements: (i) Insurers shall have a minimum AM Best rating of A minus. (ii) Each Insurer must be an authorized insurer in accordance with Section 107(a) of the New York State Insurance Law. (iii) Insurers must be admitted in the State; provided, however, that if an Insured requests the Agency to accept a non-admitted Insurer, and if the Agency reasonably determines that for the kind of operations performed by the Insured an admitted Insurer is commercially unavailable to issue a Policy or is non-existent, then the Agency shall provide its written consent to a non-admitted Insurer. For purposes of this paragraph, an “admitted” Insurer means that the Insurer’s rates and forms have been approved by the State Insurance Department of Financial Services and that the Insurer’s obligations are entitled to be insured by the State’s insurance guaranty fund.