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Surplus Lines Insurance
Part 1 of a 2-part series
Surplus lines business is booming. Last year, California witnessed an astounding 104.5% increase in surplus lines premium totals from 2001, according to the Surplus Lines Association of California. Other states also saw the number of surplus lines policies issued in their state soar.Yet many corporate representatives and coverage attorneys are unfamiliar with this rapidly growing niche within the insurance industry. Whether you are placing insurance for your employer or serving as counsel for an insurance-related client, it is imperative that you possess a good understanding of the role surplus lines insurers play in the insurance industry and how the states regulate the surplus lines market.
The operation and governmental regulation of the typical licensed (or admitted) insurer are well known. Insurers are licensed and regulated by the states. If an insurer wants to insure risks in a particular state, it must obtain a license and consent to the regulatory oversight of several aspects of its underwriting operations by that state's Department of Insurance or similar regulatory agency. Regulatory oversight of admitted insurers typically includes regulation of what policy-related forms can be issued in the state and what rates the insurer can charge in the state. The licensing state also monitors the finances and conduct of the insurer to make certain that the interests of the policyholders in the state are protected. Such admitted insurers place the lion's share of insurance written in a particular state. Indeed, states generally preclude the insuring of any risk located in their state through a non-admitted insurer. See, e.g., Cal. Ins. Code '1761 ('Except as provided in sections 1760 and 1760.5, a person within this State shall not transact any insurance on property located or operations conducted within, or on the lives or persons of residents of this State with non-admitted insurers, except by and through a surplus line broker licensed under this chapter and upon the terms and conditions prescribed in this chapter.')
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