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 Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). 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 expire /ex·pire/ (ek-spi´er)
1. to exhale.
2. to die.
1. To breathe one's last breath; die.
2. To exhale. .
``We are disappointed by the ruling,'' said spokesman Kedar Bryan.
``Royal & SunAlliance decided not to renew the policy because it could no longer underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue.
The word underwrite has two meanings. the level of coverage previously written for the state of Maryland,'' he added.