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1) One ancillary service that surplus lines intermediaries perform during the policy period is to Properly remit surplus lines taxes on the insured's behalf Ensure that the customer participates in state insurance guaranty funds Provide information about the commissions paid by each insurer that quoted the account Verify what reinsurance arrangements exist for the surplus lines insurer 2) To satisfy the diligent search requirement, state laws and regulations often specify the Names of insurers that must decline the risk Number of declinations needed Locations of insurers that must decline the risk Amount of time required to complete a diligent search 3) Surplus lines intermediaries Cannot acquire a nonresident license in states other than their home state Are licensed in a resident basis in their home state Must obtain a federal surplus lines broker's license Are not required to obtain a license in any state
1) One ancillary service that surplus lines intermediaries perform during the policy period is to
- Properly remit surplus lines taxes on the insured's behalf
- Ensure that the customer participates in state insurance guaranty funds
- Provide information about the commissions paid by each insurer that quoted the account
- Verify what reinsurance arrangements exist for the surplus lines insurer
2) To satisfy the diligent search requirement, state laws and regulations often specify the
- Names of insurers that must decline the risk
- Number of declinations needed
- Locations of insurers that must decline the risk
- Amount of time required to complete a diligent search
3) Surplus lines intermediaries
- Cannot acquire a nonresident license in states other than their home state
- Are licensed in a resident basis in their home state
- Must obtain a federal surplus lines broker's license
- Are not required to obtain a license in any state
Expert Solution
1) a. Properly remit surplus lines taxes on the insured's behalf.
2) a. Names of insurers that must decline the risk
State laws and regulations often indicate the number of admitted insurer declinations expected to fulfill the persevering pursuit prerequisite. The excess lines licensee leading the exchange must archive the subtleties of these declinations and submit them to controllers, for the most part as a persistent pursuit oath.
3) a. Cannot acquire a nonresident license in states other than their home state
Surplus Lines Broker — a broker who is licensed to put inclusion with nonadmitted insurers (insured not licensed to work together in a given state). Surplus lines insurers net providers can write coverage through a surplus lines broker if the broker is licensed in the state where inclusion is being composed.
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