Insurance laws American Samoa (US)
Insurance regulation in American Samoa is governed by Title 29 of the American Samoa Code Annotated (A.S.C.A.), which outlines the legal framework for the insurance industry within the territory. Key aspects of these laws include:
🏛️ Regulatory Authority
The Office of the Insurance Commissioner oversees insurance operations in American Samoa, The current Insurance Commissioner, Peter M. Fuimaono, was appointed by Governor Pulaalii Tuiteleapaga Iuli Nikolao Pula and has extensive experience in the insurance industry
📜 Licensing and Operations
Certificate of Authority Insurers must obtain a certificate from the Insurance Commissioner to legally transact business in American Samoa. This requires compliance with the statutory requirements outlined in A.S.C.A. § 29.0302
Unauthorized Insurers It is prohibited to represent or place insurance with insurers not authorized to transact business in the territory
🧾 Consumer Protections
*Direct Action: A.S.C.A. § 29.1537 allows plaintiffs to take direct action against an insurer on a liability insurance policy, even if the policy forbids such action or the insured is bankrupt
*Bad Faith Claims: Insured parties may pursue tort claims for bad faith delay in paying insurance claims, provided they can demonstrate the absence of a reasonable basis for denying benefits
🛡️ Workers' Compensation Insurance
*Mandatory Coverage: Employers with three or more employees must secure workers' compensation insurance from an authorized carrier and file a Certificate of Compliance with the American Samoa Workmen's Compensation Commission (ASWCC)
*Self-Insurance: Employers may apply for self-insurance if they meet specific criteria, including operating for at least 15 years, employing 100 or more employees, and providing a security deposit of at least $200,000
⚖️ Conflict of Interest
A.S.C.A. § 29.0203 prohibits the Insurance Commissioner, deputy commissioner, or any employee of the Office of the Insurance Commissioner from having a financial interest in or being affiliated with any insurance business, except as a policyholder or claimant
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