by Natalie Winters, The National Pulse:
New York Attorney General Letitia James is now questioning the financial status and regulatory compliance of the insurer that posted former President Donald Trump’s $175 million bond stemming from her civil fraud prosecution against him. In a court filing on Thursday, James challenged the “sufficiency of the surety” provided by Knight Specialty Insurance Company (KSIC) after a paperwork error resulted in Trump’s bond being temporarily rejected by a New York court the day before.
According to the filing, the New York Attorney General wants KSIC to provide documentation proving their certification to operate in the state. James is asking a state appeals court to order KSIC to produce a “certificate of qualification” within ten days with proof that the company can pay the bond if Trump’s appeals are unsuccessful.
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The move by James comes after the initial bond filing on Wednesday was rejected due to missing documents — including a current financial statement from KSIC and the name of his attorney-in-fact. Attorneys for former President Trump resubmitted the corrected paperwork early Thursday.
However, the financial statement has drawn additional scrutiny as it only lists the assets for KSIC and not a related company, Knight Insurance Company LTD. New York insurance law limits the amount an insurer can underwrite on a single bond to 10 percent of its total “capital and surplus.” KSIC and Knight Insurance Company LTD together meet the capital requirement, but the filing doesn’t clarify if the latter is also underwriting the bond.
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