Arkansas Insurance Commissioner Allen Kerr has approved two new out-of-state insurers to do business in the state.
Medical Liability Alliance (MLA) of Jefferson City, Mo., has been granted authority to offer casualty insurance. MLA, a stock property/casualty insurance company formed in 1996, currently markets medical professional liability and general liability to healthcare providers and facilities.
MLA is a wholly-owned subsidiary of Missouri Hospital Plan. Prior to expansion into Arkansas, MLA was licensed to do business in Missouri, Illinois and Kansas.
Radian Mortgage Guaranty Inc. (RMGI) has been issued authority to offer credit products. RMGI, a Philadelphia, Pa.-based wholly owned subsidiary of the Radian Group Inc., will provide private mortgage insurance and risk management services to mortgage lending institutions.
Private mortgage insurance protects lenders from default related losses on residential first mortgage loans made to home buyers who make down payments of less than 20 percent of the purchase price. RMGI also offers lender paid private mortgage insurance.
The addition of RMGI and MLA brings to 25 the number of new insurers Kerr has certified since taking office.
Source: Arkansas Department of Insurance
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