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Insurers fined for axing US state.

A US state has fined British insurers Royal & SunAlliance pounds 81,000 for dropping its pounds 300m annual policy after the September 11 terrorist attacks.

Maryland regulators also ordered the company to continue providing cover for state properties, including the Baltimore-Washington International Airport.

In a 75 page ruling, the Maryland Insurance Administration, which oversees insurance companies operating in the state, said Royal & SunAlliance did not give proper notice or reasons for cancelling the state's policy.

The order states that Royal & SunAlliance USA Inc, the American affiliate of the British firm, must write another insurance policy by next Tuesday and pay the fine.

Royal & SunAlliance said it followed all the rules in dropping the state's coverage in February, when the policy was due to expire.

``We are disappointed by the ruling,'' said spokesman Kedar Bryan.

``Royal & SunAlliance decided not to renew the policy because it could no longer underwrite the level of coverage previously written for the state of Maryland,'' he added.
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Geographic Code:1USA
Date:Aug 30, 2002
Words:161
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