WASHINGTON–Government inaction has knocked out Puerto Rico's law requiring nonresident insurance brokers to obtain the countersignature of a local resident agent to write commercial insurance.
The countersignature statute went off the books when the Commonwealth missed the deadline to file an appeal of an April 3 ruling by the 1st U.S. Circuit Court of Appeals throwing out the law.
The Council of Insurance Agents and Brokers said a lower court finding against the countersignature law, issued in March 2005, now is in effect, and nonresident commercial insurance brokers no longer need the countersignature of a Puerto Rico resident agent to write business on the island.
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