Binding Authority


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Related to Binding Authority: Legal precedent

Binding Authority

Source of law that a judge must evaluate when making a decision in a case. For example, statutes from the same state where a case is being brought, or higher court decisions, are binding authority for a judge.

According to Article VI of the Constitution—the Supremacy Clause—all laws made pursuant to the Constitution are considered the supreme law of the land. They are entitled to legal superiority over any conflicting state law or constitutional provision.

Cross-references

Primary Authority.

References in periodicals archive ?
He headed the Philadelphia Contributionship and was president and CEO of Penn-America Group, a specialty property and casualty company with extensive contract binding authority E&S writings.
This acquisition includes an end-to-end information technology solution and financial reporting infrastructure that helps build the foundation we need to grow our contract binding authority business," said Chairman, President and Chief Executive Officer Gregory E.
In February 2000, Sphere Drake Insurance (part of Fairfax Financial Holdings Limited's European runoff group) commenced legal proceedings in the Commercial Court in London, England against underwriting agents who, it alleged, fraudulently obtained a binding authority in conspiracy with brokers, who were also defendants, in order to write reinsurance contracts which exposed Sphere Drake to grossly under-priced U.
Colony president, Dale Pilkington, added, "Because the Binding Authority segment of Fireman's Fund is recognized as an experienced and profitable underwriter of E&S transportation business, the addition of this segment will complement our existing array of specialty products.
LONDON, July 9, 2013 /PRNewswire/ -- Lloyd's, the "World's Specialist Insurance Market," founded in London 325 years ago, has appointed Texas-based The Woodlands Financial Group as an approved coverholder, which authorizes its TWFG General Agency to enter into contracts of insurance and to issue insurance documentation under a Lloyd's registered binding authority.
Binding Authority UMR Number: B0618FB14A605A; California License Number: 0H74909.
Still, Lloyd's made extensive amendments to its "Code of Practice" for delegated underwriting in March this year, and in 2013, the London Market Group--comprising representatives of the London insurance companies, Lloyd's syndicates, and London brokers--issued a set of "Market Reform Contracts" which must be used when drafting binding authority agreements.
Based in the Atlanta office, Cantarino will focus on binding authority business for general liability, property, umbrella, and professional liability.
of Toronto declared a contract to purchase The Galileo Group, a brokerage with Lloyd's binding authority with offices in Toronto and Vancouver.
Admittedly, CPAs risk violating the independence rules in this area because the binding authority issued by the AICPA does not clearly state whether a CPA would impair independence by representing a client before a tribunal similar to those discussed above.
The latest threat to a potential combined authority comes after city leaders appeared to put aside their differences and agree to form a new legally binding authority.
Additional benefits include streamlined query management processes with supporting management information, allowing users to better manage the underlying exposures on their binding authority contracts, and to achieve essential operational efficiency improvements.