Learn how to navigate in the surplus lines market
What makes the non-admitted market different and what does it take to succeed there?
Surplus lines act as a safety valve for the insurance market. It enables insureds to place high-value or high-risk business that might threaten the financial stability of standard insurance carriers, even with the help of reinsurers. It also serves as an incubator for new types of insurance products. After all, what’s an admitted carrier to do when there’s not enough information about an insurance risk to develop a reliable actuarial model?
A single policy may pass through a lot of hands during its existence. That’s why you’ll learn the role that each individual and entity plays in this complex ecosystem: from insureds to agents and brokers to carriers and Lloyd’s syndicates. You’ll also learn about its unique regulatory compliance requirements and how to implement best practices to meet those obligations. Finally, you’ll understand how various state agencies — for example, stamping offices — contribute to the regulation of the non-admitted market.
SOI’s Surplus Lines resources are perfect for you if you’ve ever asked:
- Who needs a surplus lines license and how can I get one?
- Do I need to join my state’s surplus lines association?
- Where can I find up-to-date information about premium tax rates and filing deadlines?
- Why is the state regulator asking me to file a tax report? I haven’t written any business.
- Why do states require diligent effort searches?