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In this detailed Surplus Lines Insurance guide, we will cover everything you need to know about acquiring this license, from the qualifications you must meet to the specific steps required to get started.
Surplus lines brokers and producers must be licensed to sell surplus lines insurance. Moreover, state insurance departments may suspend, revoke, or non-renew the license of a surplus lines broker or producer for various reasons, such as: Failure to file required reports; Failure to collect or remit required surplus lines premium tax;
Surplus lines insurance, also known as excess lines or non-admitted insurance, refers to coverage for risks deemed too complex, specialized, or high-risk for traditional insurance carriers to underwrite.
As the sole regulated entity in a surplus lines placement, the surplus lines broker must hold a surplus lines license. Every state, as a part of its surplus lines law, requires the issuance of a surplus lines broker license. Fifteen states have created surplus lines stamping offices.
Unlike most types of insurance, surplus lines insurance can be sold by insurers that are not licensed in the buyer’s state. However, the surplus lines insurer must have a license in the...
Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state. This is called a surplus line insurance policy. In some states, it is called an excess line insurance policy.
A surplus lines broker is a broker who’s licensed to place coverage with nonadmitted insurers. Surplus lines insurers can write coverage through a surplus lines broker if the broker is licensed in the state where coverage is being written. This can be an individual person, or it can be an agency.
Surplus lines insurance is specialized coverage written by unlicensed, nonadmitted insurance companies to cover specific extraordinary items and uncommon or high risks that are generally not...
Surplus Lines. While there are a large number of different licenses to choose from, the vast majority of insurance agents will either obtain a Property and Casualty (P&C) or a Life and Health insurance license.
Detailed information about licensing for insurance adjusters operating in Minnesota and links to appropriate forms.