Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.

Surplus lines insurance means coverage not procurable from admitted insurers.

Surplus lines insurance means insurance procured by a surplus lines licensee from a surplus lines insurer or other nonadmitted insurer as permitted under the law of the home state; for purposes of this compact, "surplus lines insurance" also means excess lines insurance as may be defined by applicable state law.

Examples of Surplus lines insurance in a sentence

Surplus lines insurance sold only through licensed surplus lines producers.
Surplus lines insurance is available as a last resort when the traditional insurance market is “unable or unwilling to provide coverage due to risky characteristics.” Compl.
Surplus lines insurance is provided by non- admitted insurers who are not licensed to operate in Hawai’i and who are not required to obtain approval for their rates, forms, and underwriting rules.
Surplus lines insurance producer application.The insurance commissioner will not issue a resident surplus lines insurance producer's license until the applicant has met the requirements of North Dakota Century Code section 26.1-26-17, has completed and filed with the commissioner a completed application for a surplus lines insurance producer license, and paid the license fee.
Surplus lines insurance producer must conduct search.The licensed surplus lines insurance producer seeking the placement of nonadmitted insurance must conduct a diligent search to ascertain whether the insurance, indemnity contract, or surety bond can be procured from a company authorized to do business in this state.

More Definitions of Surplus lines insurance

Surplus lines insurance means any property and casualty insurance in this state on properties, risks, or exposures, located or to be performed in this state, that is placed through a surplus lines insurance producer with an eligible surplus lines insurer. For purposes of this chapter only, “surplus lines insurance” also includes disability insurance that is in excess of policy limits available from an admitted insurer.

Surplus lines insurance means insurance procured by a Surplus Lines

Surplus lines insurance means coverage not procurable from

Surplus lines insurance means insurance

Surplus lines insurance means insurance procured by a surplus lines licensee from

Surplus lines insurance means any property and casualty insurance on properties, risks, or exposures, located or to be performed in this state, permitted to be placed through a surplus lines producer with a nonadmitted insurer eligible to accept such insurance pursuant to section 26.1-44-03.