Before the inception of domestic surplus lines insurer (DSLI) laws, an insurer that wanted to write in all states would have a primary company licensed in a state as an admitted insurer
that could then be eligible to issue surplus lines policies in the other 49 states.
Put another way, a surplus lines insurer is an admitted insurer
in at least one state.
Assuming that the New York insurance agent or broker meticulously complies with all aspects of New York law in the placement of the coverage and properly explains the nature of the coverage to the underlying insured, there may be no greater errors and omissions exposure writing with a non-admitted insurer
than with an admitted insurer
Before then, only insurance buyers that no admitted insurer
considered attractive would approach surplus lines insurers, Bolig said.
There are many quality non-admitted companies, but an admitted insurer
is superior, if available.
In Brazil, for example, if the company's D & O coverage is not provided by a locally admitted insurer
, payment of loss is prohibited into the country from an insurer outside the country.
The regulations also require that the admitted insurer
maintain "[R]ecords of the anti-fraud training provided to all staff [and that it] shall be prepared at the time training is provided and be maintained and available for inspection by the Department on request.
Securian Financial Group is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer
The company is an admitted insurer
in all fifty states and the District of Columbia.
In contrast, "An insurance broker is a person who, for compensation and on behalf of another person, transacts insurance other than life insurance with, but not on behalf of, an admitted insurer
Now one of the nation's largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer
Unique Risks: The risk is so specialized or unusual that it falls outside of what the admitted insurer
is comfortable writing.