Financial Services Industry
Industry: Email Alert RSS FeedCountersignature statute falls
Risk & Insurance, May, 2005
A U.S. District court in March struck down Puerto Rico's statute that prohibits nonresident insurance brokers from doing business on the Island without the countersignature of a resident agent. The ruling is a victory for The Council of Insurance Agents & Brokers, which has gone to federal court in six states and jurisdictions where countersignature laws remain on the books, arguing those statutes are unconstitutional.
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Countersignature laws in Florida and Nevada have been struck down, and the West Virginia Legislature rescinded that state's countersignature requirement after legal action from the broker lobby.
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