General Security Seeks To Compel AequiCap to Post Bond

NEW YORK - General Security National Insurance Co. has asked a federal judge to compel a Florida-based insurer to post a $83,156 bond to secure a possible judgment requiring the insurer to pay a previous reinsurance arbitration award, plus interest and costs. General Security National Insurance Co. v. AequiCap Insurance Co., et al., No. 10-9685 (S.D. N.Y.).

The motion, filed in the U.S. District Court for the Southern District of New York, says that as an unauthorized foreign insurer, Aequicap Insurance Co. (AIC) is required to comply with New York Insurance Law Section 1213(c)(1).

According to the suit, General Security …