Summarize how regulation reaches the specialty markets, including surplus lines carriers, risk retention groups, risk purchasing groups, captives, and non-admitted companies.
Free CAS Exam 6-U.S. (Regulation and Financial Reporting) lesson in United States Laws and Regulations. 10 min read, ~1,532 words.
A non-admitted (unlicensed) insurer cannot solicit in the state. Buyers reach it two ways: a surplus lines broker places the coverage, or the insured independently procures it out of state. Surplus lines placement requires a diligent search, typically three declinations from admitted carriers. Waivers: an exempt commercial purchaser who asks...
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