NU Online Service, Nov. 1, 9:00 a.m. – Texas Insurance Commissioner Jose Montemayor issued emergency cease-and-desist orders yesterday directing two European entities to stop issuing insurance policies to small employer health insurance plans in Texas without the licenses required by state law.
The cease-and-desist orders name MarkeTrends Insurance Ltd. of the Republic of Cyprus and North American Indemnity IV (NAI) of Brussels, Belgium, and its directors, Euan David McNicoll and John Fowler Anderson of Scotland.
A number of Houston-based insurance plan administrators have used NAI and MarkeTrends to provide the insurance for the employer health plans they administer, according to the Texas Insurance Department.
The Texas insurance code requires all companies issuing such insurance policies to Texas employers to be licensed by the Texas Department of Insurance for the protection of consumers.