Surplus line broker. Fifteen states have created surplus lines stamping offices.

Surplus line broker. Insureds directly procuring insurance should remit payment no later than 30 days from the effective date of the policy; refer to O. The requirements for surplus lines are governed by M. The session will focus on compliance with New York’s cyber regulation 23 NYCRR 500 for insurance producers and assist licensed professionals in understanding obligations and how to Surplus Lines Distribution Systems SLI is generally produced through one of two distribution systems. What is a Surplus Line Broker? An individual, corporation, partnership or other business entity required to be licensed under the laws of this state to procure certain insurance coverages, called surplus lines, that cannot be procured from authorized insurers. Fifteen states have created surplus lines stamping offices. Feb 1, 2018 · 1000 Washington Street, Suite 810 Boston, MA 02118-6200FAX (617) 753-6883 Sep 15, 2025 · The fee for adding or removing from any surplus line broker’s license issued to an organization the name of any natural person, named thereon, shall be twenty-nine dollars ($29). He explains that “Like the licensed market, the [surplus lines] market is still ultimately regulated on a state-by-state basis with variations in application and enforcement. optins. It also lists permitted activities for unlicensed individuals and links to the IIABSC surplus lines course to help prepare for the licensing exam. Once licensed, surplus line insurance brokers are allowed to obtain a policy for you from an insurer who is not licensed in our state. Surplus Lines Insurance means any property and casualty insurance permitted to be placed directly by an insured or through a Surplus Lines Broker with an eligible non-admitted insurer Surplus line brokers help connect consumers with non-standard insurance policies when there is high risk, such as: Home built on the side of steep bank or an extremely old home Jun 11, 2025 · Master surplus lines compliance with this guide. Each surplus line broker shall be responsible to ensure that Surplus Line Broker Filing Instructions The Alabama Department of Insurance has an online application that collects data for Surplus Line Brokers to ensure the accuracy of policy and/or tax submission requirements are reported in compliance with Alabama Statutes and Regulations. Berkley Corporation’s insurance company subsidiaries. Veterans taking a state licensing examination required by Missouri statute may be reimbursed for the cost of the examination. XS Brokers helps retailers place their challenging commercial risks – regardless of size or complexity. Pennsylvania Surplus Lines Association (PSLA) provides training and education on surplus lines insurance, facilitates compliance by surplus lines licensees with the laws of this Commonwealth; provides an electronic repository for surplus lines coverage written by licensees; and provides information to the Pennsylvania Insurance Department. Jul 16, 2025 · Residents must pass the NC Surplus Lines Exam. If you do not follow all the laws and regulations of your state, a claim can be filed on your bond. To renew your appointment, visit the Department of Financial Services' MyProfile web portal. Subtract lines 4 and 7 from line 5. Beginning January 1, 2025, each broker shall file a quarterly report (ID-12) after the effective date of any such insurance transacted validating that coverage was written through the unauthorized market. These taxes fund various state initiatives. Talent Outreach and U40 Creating awareness about surplus lines career opportunities, and developing interest in them by young and emerging talent, is an important component of WSIA’s mission to strengthen the industry. To use the NAIC OPTins About Us | News | Filing Information | Brokerage Firms | Carriers | SLIP | Laws & Regulations Education | Manual Home> Brokers Find Surplus Lines Training Courses Each state insurance department regulates surplus lines insurers operating in their state, and has specific requirements that a licensed surplus lines broker must follow in placing business in the surplus lines market. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here. The surplus line broker who signs the SL-1 must retain the original for at least five years. IMPORTANT: This website requires the use of cookies to store your user group selection. Multiply line 3 times rate of 4% (0. Specifically, currently to place a surplus lines multistate risk policy, the broker producer needs only to be licensed as a surplus line broker producer in the insured’s home state on either a resident or non-resident basis as is appropriate. ” Mar 21, 2025 · Learn how to advance your insurance career with our guide on the requirements and steps to obtain a surplus lines insurance license. Search ALDOI. Verify the license details of US surplus lines brokers at the state databases of licensed intermediaries. Find additional information concerning W. The second, generally referred to as a wholesale distribution system, involves a surplus lines broker that operates as an intermediary between a A Special Lines' Surplus Line Broker is a person who places the following types of insurance with non-admitted insurers: A)Insurance against perils of navigation, transit or transportation upon hulls, freights or disbursements, or other ship owner interests; upon goods, wares, merchandise and all other personal property and interests therein, in course of exportation from or importation into Jan 25, 2025 · Learn about California's surplus lines insurance regulations for residents and non-residents in this easy-to-understand guide. How surplus line insurance is regulated Our agency is responsible for licensing and regulating surplus line brokers. To comply with state laws, Surplus Line Brokers are required to submit the following: *Certificate of Surplus Lines Surplus Lines Producer Only a person licensed under Chapter 19 and Chapter 12 of the Michigan Insurance Code may solicit insurance, or bind coverage, or in any other manner act as an agent or broker in the transaction of surplus lines insurance, and comply with Sections 500. What are Arizona's surplus lines tax filing requirements? For detailed "Surplus Lines Transaction Report and Tax Payment Instructions", click on the "Forms and Instructions" menu item in the left column of this page. A surplus lines broker specializes in helping consumers find surplus lines insurance coverage in the non-admitted market. Dec 9, 2024 · A surplus lines broker is an insurance professional who sells policies from insurers outside the state in which they operate. Transacting surplus lines business without being properly licensed and appointed is prohibited. (a) Any person may negotiate and effect insurance to protect himself, herself, or itself against loss, damage, or liability with any nonadmitted insurer. Unlike admitted insurers, surplus lines carriers are not bound by standardized claims practices set by state insurance departments. You must: Use the Surplus Line of Arizona system to produce the tax report and Use the OPTins system (www. pdf) Licensed Individuals & Business EntitiesThis page is located more than 3 levels deep within a topic. • • Minimum Age: 18 years • Residency: California residency is not required • Experience: Must hold a Property Broker-Agent and Casualty Broker-Agent license in resident state • Entity Types: Individual No, a surplus line broker agency is not required to complete the annual ID-15 tax form. Apr 23, 2025 · We are happy to provide the 2025 update to the Troutman Pepper Locke LLP Excess and Surplus Lines Law Manual. S. A Surplus Lines Broker is a person who places insurance with non-admitted insurers, covering risks other than aircraft and certain marine and transportation risks. Jan 1, 2023 · Important Surplus Line Broker Filing Notification as of January 1, 2023 Surplus Lines Legislative Updates - ACT 2024-71 Written Statement of Insured on Surplus Lines Policies Surplus Line Broker Frequently Asked Questions Surplus Line Broker ID-12 Data File Excel spreadsheet example Comma delimited file example We would like to show you a description here but the site won’t allow us. As businesses encounter unique and non-standard risks, surplus lines insurance offers an essential solution, facilitated by skilled surplus lines insurance brokers. org) administered by the National Association of Insurance Commissioners (NAIC) to file the report and pay the tax. May 21, 2025 · The licensed surplus lines broker is responsible for ensuring the surplus lines insurer meets eligibility criteria to write policies in the state and remits payment of the surplus lines premium tax to the “home state. L. 1. is a non-profit, trade association of excess and surplus lines brokerage and underwriting professionals. Surplus Lines Surplus lines insurance contracts deal almost exclusively with business customers and are used to place insurance with companies that are not licensed in Minnesota. Learn why they're necessary, how to obtain one, and the penalties for non-compliance. Notwithstanding any provision of section 12-15, the Insurance Commissioner may, under the terms of any such cooperative agreement, disclose information relating to surplus lines brokers or nonadmitted insurance permitted to be placed through surplus lines brokers to any official of the processing entity whose duties require such disclosure. By leveraging the expertise of surplus lines insurance brokers, companies can secure the necessary protections that ensure their continued success and stability in a volatile market. A surplus lines license permits the person named in the license to negotiate and obtain insurance on property or persons in the state from insurers who are not authorized to transact business in this state. The checklists “ How to Apply for a California Surplus Line Broker License ” and “ California License Renewal Information ” were created from the California Department of Insurance’s licensing section of their website to highlight the key steps in the licensing processes. Licensing Requirements: Surplus Lines Broker - Individual Return of Business Filing: Surplus Lines Broker - Individual Important Notification: Effective September 21st, 2012; all applicants for Surplus Lines Broker licenses and all renewing Surplus Lines Brokers should now use the online licensing procedures provided by National Insurance Producer Registry ('NIPR") at www. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U. Line 3: Line 4: Net Taxable Premium. Please enable cookies in your Fifteen states have created surplus lines stamping offices. 1206 or 500. These materials are also not a substitute for legal advice on the subject matter. The surety bonds ensure compliance with the rules and regulations as defined by the state for the activities of selling, soliciting and negotiating surplus lines insurance. NAICS Sector Mining, Quarrying, and Oil and Gas Extraction Total Premium $ 6,085,209. territories during the past year. 284-15-040 Form for surplus line insurer to designate person to receive legal process. Tax Filing and Reporting Procedures Excel download Wholesale Fees Identifies state guidance and restrictions regarding the ability of a wholesale insurance broker to charge fees in addition to the surplus lines premium, including state guidance related to broker, policy, inspection, service or any other fees as they pertain to the wholesale broker. Excess line insurance purchased in New York state must include an excess line broker in the transaction. Get your surplus line broker individual or business-entity license It's important to understand the different requirements when you're applying for a license to do business in our state. US business comes to the market from retail brokers or from insurance wholesalers called Lloyd’s coverholders. Surplus Line Brokers from PART 2, DIVISION 1 of the California Insurance Code (2024) The surplus line broker who signs the SL-1 must retain the original for at least five years. A California resident, a corporation, partnership, or Limited Liability Company with an office located in California, may obtain a surplus line broker license. The wholesale, specialty and surplus lines business has experienced a surge in recent years. Emmanuel discusses 10 of the many considerations for insurers who plan to enter the growing surplus lines market. The TSLA membership includes insurance carriers and industry vendors, as well. Is Arizona participating in a compact or agreement that requires multi-state transactions to be filed with a central clearinghouse? Under KRS 304. 284-15-030 Surplus line brokers' form to be filed -- Contract stamp to be used. 1206a. Failure to Renew Brokers License Surplus lines broker licenses are renewed during the month of May of each even numbered year. The types of risks typically written by surplus lines brokers are generally substandard risks (e. ” Brokers / Agents: Use the Colorado Surplus Lines Tax System below to report policies effective BEFORE 1/1/25 or for endorsement filings to those existing policies. Applicant applying for Surplus Lines Broker license must hold a Producer License with the Property & Casualty lines of authority. Insurance Professionals Surplus Lines Broker License Application: Business Entity The following are requirements for a business entity applying to become a surplus lines broker. One, generally referred to as a retail distribution system, involves a single broker accessing the surplus lines company directly to place insurance. Understand the state-mandated requirements for Surplus Lines Broker or Agent Bonds. Welcome to The Surplus Line Association of California Please choose the role that best describes you. Subtract line 2 from line 1. Surplus line broker licensing fees Review the fees for your license category. They are often consulted by insurance agents and typically do not transact directly with individuals seeking to purchase a policy. Sep 20, 2019 · A Surplus Line Broker is a person who places insurance with non-admitted insurers, covering risks other than aircraft and certain marine and transportation risks. These brokers possess in-depth knowledge of the surplus lines marketplace and help insureds navigate the complexities of non-admitted insurance by finding appropriate coverage solutions. Paper Nov 29, 2021 · Surplus lines brokers Surplus lines brokers are authorized to place insurance with non-admitted carriers – carriers that aren’t licensed in the state where the insured is located. But again, it really depends on the state. Surplus Line Broker Tax. 284-15-080 Relationship between surplus line broker and insurance producer not acting as the agent of the insured. If you are a non-resident, we may issue a license based on reciprocity if you are currently licensed in your home state for Surplus Lines. Nov 15, 2023 · Surplus lines insurance, also known as “excess lines” insurance, refers to coverage obtained either directly by an insured or through a licensed surplus lines broker from a non-admitted insurer. g. Aug 14, 2020 · Surplus Line Broker Exam Preparation Class Are you ready to start preparing for your Surplus Line Broker Licensing Exam? Set yourself up for success! JOIN THE WAITLIST for our Fall 2025, Surplus Line Broker Exam Preparation Class. This typically includes passing a licensing exam and paying a fee. The dedicated professionals who are members of An excess line broker means a broker specifically licensed to place insurance with an unauthorized insurance company. We bring years of proven experience and expertise to the table in the surplus lines marketplace. Oct 16, 2012 · ELANY and the Insurance Brokers Association of the State of New York (IBANY) will present a complimentary 1-hour webinar, entitled “Cybersecurity Regulation Update 2025”, on October 7th, from 1 PM to 2 PM EST. Line 9: Line 10: Overpayment. 98 A surplus line broker sells insurance products for insurance companies that are not admitted in Washington state. Filing Requirements & Procedures Broker filing requirements and procedures provide the surplus line filing guidelines, forms, coverage and export list codes, and more. They are usually formed by surplus lines brokers as a form of self-regulation to foster and facilitate compliance with the unique regulatory requirements applicable to surplus lines transactions. Feb 1, 2025 · Brokers play a crucial role in helping policyholders understand their coverage and any limitations. Learn state, federal, and global regulations, best practices, risk strategies, and tech solutions for brokers. Surplus lines insurers are able to offer specialty lines that are more creative and responsive to a buyer’s needs than standard markets. Our qualified agent Welcome to the Surplus Line section of the ALDOI website. Feb 18, 2025 · Instead, all surplus line organizations are required to include a list of endorsed surplus line brokers who transacted business on their behalf, including each broker’s name and license number. Jul 19, 2023 · What are state insurance license requirements for selling surplus lines? In most states, a broker who hopes to sell surplus lines insurance must first have a producer license with a property and casualty (P&C) license class before selling surplus lines. nipr. ” Risk is insured at the Lloyd’s market through Lloyd’s brokers. Pass the Surplus Lines exam. For personal lines, a fee not to exceed $50. How is surplus lines insurance sold? Consumers Surplus lines insurance can only be procured by specially licensed Massachusetts surplus lines brokers and only from excess and surplus lines insurance companies that have been approved by the Division of Insurance (“DOI”). No. Consequently broker fees that are associated with an insurance policy and appear on the policy are subject to surplus lines tax. § 33-5-33. To view and download a checklist for how to apply for a surplus line broker license and how to renew your license, please visit our Broker Licensing page in the Resources section here. In accordance with Title 3, Subtitle 3 of the Insurance Article of the Annotated Code of Maryland, surplus lines brokers are required to make periodic filings with the Maryland Insurance Administration (MIA) related to their surplus lines Filing Requirements & Procedures Broker filing requirements and procedures provide the surplus line filing guidelines, forms, coverage and export list codes, and more. The course was created as an Excess & Surplus Lines “primer” for anyone seeking to understand how the surplus lines market works and ideal for training new hires working for surplus lines insurers, wholesale brokers, managing general agents, and program managers. Sep 14, 2025 · Discover the surplus lines broker definition and how it works: a simple guide to insurance services for unique coverage needs. C. The links to the actual CDI license sections are included for reference. Surplus Line Brokers INSURANCE CODE SECTION 1760-1780 1760. The Surplus Line Association of California (SLA) issues this reminder regarding the licensing requirements for the placement of surplus line insurance in California on behalf of a business entity licensee. The agent, broker, or surplus line broker who signs the SL-2 form must maintain the original (also for five years) and send copies to all other agents, brokers, or surplus line brokers involved in the transaction. The California Department of Insurance oversees the collection of surplus line taxes. What is a Surplus Lines Broker? A surplus lines broker is an insurance intermediary who represents the insured rather than the insurer. (b) Every person that effects insurance governed by this chapter shall pay the tax imposed by Part 7. Surplus Line Association of California website. Some page levels are currently hidden. The Surplus Line Association of California helps its members comply with the tax requirements. G. Information must include the contact broker’s name, along with the name of the firm the broker represents, email address, business address, telephone number, and surplus line license number. WHO NEEDS TO FILE? Surplus lines brokers are required to maintain records and accounts of all business transacted under their certificates of qualification. Each broker shall keep in his or her office a full and true record of each surplus lines coverage procured by the broker for which this State is the insured’s home state, including a copy of each daily report, if any, a copy of each certificate of insurance issued by the broker, and such of the following items as may be applicable: Admiral Insurance Group transacts surplus lines insurance in California through Berkley Managers Insurance Services, LLC, a licensed surplus lines broker (CA. Mar 19, 2025 · California’s surplus line insurance industry operates under a unique regulatory framework. Surplus lines insurance brokers are licensed and regulated by the Department of Commerce. These policies are placed through specialized brokers and underwritten by non-admitted carriers, which operate outside the usual state regulatory framework. Jul 12, 2023 · Surplus lines insurance is typically sold through brokers who specialize in hard-to-place risks, and policies are issued by non-admitted insurers. The applicant What is a Surplus Lines Broker? A Surplus Lines Insurance Broker is an individual who solicits, negotiates or procures a policy of insurance in an insurance company not licensed to transact business in this state which cannot be procured from insurers licensed to do business in this state. Generally, your retail broker must procure the policy through a wholesale broker (licensed as an excess line broker) that provides access to the excess line market. We are staffed with well-connected and innovative specialists. US surplus lines risk placed at Lloyd’s can only be underwritten by Lloyd’s syndicates that are approved by the National Association of Insurance Commissioners and appear on the NAIC Quarterly Listing of Alien Surplus lines brokers must file with SLTX a copy of each surplus lines insurance contract, as set forth in Section 981. Claims handling in the surplus lines market is similarly distinct. § 33-40-5 and § 33-5-29. Created by the Legislature in 1987, the Surplus Lines Stamping Office of Texas (SLTX) is a non-profit unincorporated organization that functions to ensure the integrity of the excess and surplus lines insurance market. Aug 1, 2025 · Created by statute in 1985, the Association is a self-funded body that acts as a liaison between the Department of Insurance and surplus line producers, facilitating and encouraging compliance, accepting filings from surplus line producers, reporting data to the DOI, and providing education and other services to its members and the marketplace. JM Wilson is a Managing General Agency and Surplus Lines Broker providing independent insurance agents with access to variety specialty markets. Surplus line insurance companies, however, are not licensed by our office. Jun 16, 2024 · Explore the essential Surplus Lines Licensing Requirements, including qualifications, state-specific procedures, and compliance obligations for brokers in excess and surplus lines insurance. The Florida Surplus Lines Service Office does not provide legal or tax advice. General Broker This webpage spells out the tasks performed by individuals that require a brokers license. What is a Surplus Lines Broker? A Surplus Lines Insurance Broker is an individual who solicits, negotiates or procures a policy of insurance in an insurance company not licensed to transact business in this state which cannot be procured from insurers licensed to do business in this state. In order to use these features you must be a licensed broker and have a user account. Nov 7, 2021 · Surplus lines brokers connect high-risk consumers with insurance coverage and require bonds to operate. It is the responsibility of the surplus lines agent to make sure the self-appointment is renewed. , risks with adverse loss experience), unusual risks, and risks for which there is a shortage of capacity in the admitted market. Surplus lines brokers have a heightened level of responsibility for assessing the financial strength and soundness of the surplus lines insurer. Jan 1, 2024 · (a) A surplus line broker may solicit and place insurance for a home state insured, other than as excepted in Section 1761, with nonadmitted insurers only if that insurance cannot be procured from insurers admitted for the particular class or classes of insurance and that actually write the particular type of insurance in this state. Read Our Article: What is Surplus Lines Insurance? We Are A Broker’s Broker Southeast Insurance Group has an in-house Surplus Lines licensed agent readily available to place high-risk coverage. SURPLUS LINES BROKER NEWS IMPORTANT! Beginning January 1, 2020, all surplus lines broker tax reports and payments must be filed electronically. Feb 3, 2025 · A surplus lines broker is a licensed professional who helps individuals and businesses find specialty insurance coverage that can't be found through traditional insurance companies. 213 of the Texas Insurance Code. Brokers who place coverage with non-admitted insurers must understand these SURPLUS LINES BROKER CERTIFICATE OF QUALIFICATION Resident and nonresident individuals and business entities requesting a Surplus Lines Broker Certificate of Qualification must also hold an active producer license with the Property and Casualty lines of authority at the time of application, whether it is for an initial or renewal application. 3-230 surplus lines carriers are required to register their service of process agent with our Division of Financial Standards and Examination, and may choose to file their annual statement for a $100 fee. You must be licensed in your resident state as a surplus lines broker OR have the excess or surplus line of authority in order for our office to reciprocate a non-resident license. For example, New York gives surplus lines brokers binding authority, but California doesn’t Aug 14, 2020 · Surplus Line Broker Exam Preparation Class Are you ready to start preparing for your Surplus Line Broker Licensing Exam? Set yourself up for success! JOIN THE WAITLIST for our Fall 2025, Surplus Line Broker Exam Preparation Class. Nov 6, 2024 · These materials are intended to serve as reference tools and should not be relied upon as definitive sources or as substitutes for your own thorough review of the applicable laws, regulations, rules, bulletins, or other materials published by relevant state or federal governments or agencies. 284-15-050 Surplus line -- Waiver of financial requirements. In fact, in some states they can be held liable for certain unpaid claims if they failed to properly vet the insurer’s financial condition. We’ll contact you once the class has been scheduled. Lic. On top of that, in most states, surplus lines brokers cannot bind coverage. ) Surplus Line Brokers’ and Risk Retention Groups’ filings and payment are due on or before the 15th day of April, July, October and January; refer to O. See full list on investopedia. Jan 20, 2025 · Explore the essentials of Maryland surplus lines insurance, including broker licensing, compliance, taxation, and legal considerations. Click to The California Bond of Special Lines’ Surplus Line Broker is required by the State of California, Department of Insurance for any entity wishing to obtain a license in this field. Feb 18, 2019 · Fifteen states have created surplus lines stamping offices. Taxation of Broker Fees The Colorado Division of Insurance interprets the term premium to include fees paid by an insured to a broker for the purposes of procuring insurance. 5 (commencing Resident and nonresident individuals and business entities requesting a Surplus Lines Broker Certificate or renewing an existing Certificate must also hold an active producer license for the kind of insurance being solicited or sold, whether it is for an initial or renewal application. The cost of the class is $150. Jan 31, 2025 · A business entity surplus line broker and an individual surplus line broker transacting under his/her individual license must actively maintain a bond amount of $50,000. The TSLA provides legislative, regulatory, educational and networking opportunities for their membership. Ask your agent, broker, or “surplus line” broker to obtain more information about that insurer. Filings are only required for the individual surplus line broker. The Department then has more free time to do what they do best – protecting you, the Jul 8, 2024 · Understanding the intricacies of surplus lines insurance is essential for businesses confronting unconventional risks. Apr 5, 2024 · A surplus lines broker is a licensed intermediary who specializes in placing insurance coverage with surplus lines carriers for hard-to-place risks. Activities Requiring a License: Both business entities and their employees must have a California surplus line broker license to transact surplus line insurance for California home state insureds, regardless of their location or residency status. Quarterly surplus lines tax reports are due by the 30th of April, July, October, and January. Surplus lines self-appointments must be renewed every two years by the end of the agent's birth month. May 21, 2021 · The desire to quickly enter the surplus lines market - one that is largely exempt from state rate and form filing and approval standards - is often efficiently achieved through the utilization of a knowledgeable and connected insurance producer that can use its platform to facilitate binding and distribution of surplus lines insurance policies. Residents must hold or be applying for a property and casualty insurance producer license. Membership in the NCSLA is required by North Carolina General Statute § 58-21-40 b. 1204 to 500. A. gov Surplus Line Reporting Information Back to Home Page Instructions for Multi-State Policies Surplus Line Brokers Surplus Line Broker Login Surplus Lines (Unauthorized) Insurance Companies Jul 21, 2024 · Surplus lines insurance plays a pivotal role in addressing gaps within the traditional insurance market. All transactions under the license shall be subject to the provisions of Title 8. Find surplus lines broker bonds with Surety Direct. Surplus Lines Broker Bonds are required by the state insurance department as a condition of a license for insurance brokers with surplus lines authority. *NOTE: You are not required to hold a P&C License to take this course, however, you must hold a Resident P&C License with the State of Washington to sit for your Surplus Line Broker Exam. 175 § 168. Whenever agents, brokers, companies, or policyholders have specific questions pertaining to business practices, tax implications, or statutory interpretation, we urge the respective parties to seek the counsel of a competent attorney or tax consultant licensed in the What is a Surplus Lines Broker Bond? You are required to get a bond as a surplus lines broker to protect your clients. 00, payable to the Surplus Line Association of Washington on or before the day of the class. Feb 27, 2025 · Understand Kentucky’s surplus lines insurance requirements, including licensing, insurer eligibility, placement rules, taxes, and compliance obligations. More than two-thirds of the national surplus lines premium flow through these stamping offices, which were formed by surplus lines brokers as a form of self-regulation to foster and facilitate compliance with the unique regulatory requirements applicable to surplus lines transactions. R. com Mar 13, 2025 · Surplus lines insurance provides coverage for unique or high-risk situations that traditional insurers won’t cover. 04). The 115A form is a Revenue Services form that is used for submitting surplus lines taxes when the coverage is a direct procurement (meaning the insured procures in insurance directly from the surplus lines company without using a surplus lines broker. In-House Licensed Surplus Lines Insurance Agents Surplus lines insurance is an alternative for consumers who have exposures and can’t insure in the standard / admitted markets. Independent Procurement for Non-Admitted Insurance - use the appropriate form listed. Feb 10, 2020 · Traditionally, the surplus lines broker is legally responsible for the payment of surplus lines premium taxes, but some states hold the insured and/or the surplus lines insurer also liable for Surplus Line Association of California website. A Special Lines' Surplus Line Broker is a person who places the following types of insurance with non-admitted insurers: Insurance against perils of navigation, transit or transportation upon Jun 28, 2024 · Discover the pivotal roles of Excess and Surplus Lines Brokers, from client consultation to market trends, and learn how they navigate unique challenges in insurance. A surplus line broker is an insurance producer with a specialty license that authorizes the broker to solicit, negotiate, and place insurance with eligible or "approved" surplus line insurers. 00; and. Effective January 1, 2003, non-residents 2009 California Insurance Code - Section 1760-1780 :: Chapter 6. Jan 19, 2025 · Learn about surplus lines tax laws and compliance, including tax rates, exemptions, and filing requirements for non-admitted insurers and agents. Surplus lines brokers must be specifically licensed to conduct this type of business. Jan 2, 2025 · Navigate Georgia’s surplus lines broker licensing and compliance with this comprehensive guide, ensuring adherence to regulatory standards. Homeowners Threshold for Surplus Lines (. Bureau of Insurance Premium License Tax Transition Notification to Surplus Lines Brokers The Texas Surplus Lines Association, Inc. The Association was created to act as a middleman between the Illinois Department of Insurance and surplus line producers and in doing so, we relieve the Department of many of the administrative burdens of collecting data, compiling data, and responding to everyday questions, concerns and procedural matters. Individual Apr 9, 2021 · So then, can a surplus lines broker act in an agent capacity on behalf of a surplus lines insurer, notwithstanding being labeled as a broker under applicable law? Surplus lines insurers can write coverage through a surplus lines broker if the broker is licensed in the state where coverage is being written. In order to qualify as a surplus lines broker in the Commonwealth, applicants must meet the following requirements: The applicant is a resident licensed Producer of the Commonwealth of Massachusetts with the property & casualty lines of authority or is licensed as a surplus lines broker in his/her home state. Surplus Lines Broker Bonds Our agents are here to get you the best rate on your bond with same-day service. 0H05115). This section provides Surplus Line Brokers the ability to submit ID-12 information on-line and to view/edit a list of ID-12s already submitted. Jan 5, 2024 · Surplus Lines Broker means an individual or business entity licensed to sell, solicit, or negotiate insurance on properties, risks, or exposures located or to be performed in Virginia with non-admitted insurers. The surplus lines market is typically a testing and proving ground for underwriting concepts and new products. Resident and non-resident individual Surplus Lines licensees automatically become a member of the North Carolina Surplus Lines Association (NCSLA) when they receive or renew their NC Surplus Lines license. “Transacting” includes soliciting, negotiating, or effecting insurance with non-admitted insurers. To terminate a business entity surplus line broker license, a letter must be submitted to the Department of Insurance stating the name of the business, license number, and the date of termination. The NCSLA is a regulatory support organization to facilitate and encourage compliance by resident and non-resident surplus lines licensees with the laws of North Carolina and the rules and regulations of the Commissioner relative to surplus lines insurance. com . Use this button to show and access all levels. Surplus lines insurance may have higher premiums and deductibles than traditional insurance policies, but can provide access to unique coverage and customized policies. Brokers may file either by mail or electronically through the SLTX website. State insurance commissioners have the authority to take administrative action and/or revoke the surplus Jan 15, 2025 · To get a surplus lines license, you'll need to meet the requirements set by your state's insurance department. California maintains a “List of Approved Surplus Line Insurers (LASLI). Jan 1, 2018 · The Premium Tax Section is responsible for the regulation of Surplus Lines Brokers, including reporting, compliance, and collection of premium tax revenue. Apply online in minutes for your free quote. dvkp svoneg tnbwuf twbo jdrdbk mchdo bswovj pcomvu jcgm zafnp