OK Legal People, Have At Trump's Bond

[HighFired49]

23. There are other reasons, also

(Leticia)James took "exception to the sufficiency of the surety" given by Trump and the other defendants. She objected to the fact that the bond was issued by a company that is not an admitted carrier in New York, and lacks the certificate of qualification required by New York Insurance Law Section 1111.
Adam Pollock, a former assistant attorney general in New York, said, "This bond is deficient for a number of reasons Including that the company doesn't appear to be licensed in New York and doesn't appear to have enough capital to make this undertaking," Pollock said.

Knight Specialty is not licensed in New York to issue surety bonds, and Lederman noted the company's absence from the Department of Financial Services database. But the company contends it is nevertheless authorized to issue the bond.

The company also does not appear to meet a restriction under New York insurance law barring companies from putting more than 10% of its capital at risk.

Amit Shah, the president of Knight Insurance, said the restriction does not apply. He said Knight has over $1 billion in equity.

"Knight Specialty Insurance Company is not a New York domestic insurer, and New York surplus lines insurance laws do not regulate the solvency of non-New York excess lines insurers," he said. "So we don't believe we need the 10% surplus.”
https://www.msn.com/en-us/news/politics/is-trumps-175-million-civil-fraud-bond-valid-in-new-york/ar-BB1l4OY8