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What is the Definition of Surplus Lines?

What is the Definition of Surplus Lines?

Property/casualty insurance coverage that isn’t available from insurers licensed in the state, called admitted companies, and must be purchased from a nonadmitted carrier. Examples include risks of an unusual nature that require greater flexibility in policy terms and conditions than exist in standard forms or where the highest rates allowed by state regulators are considered inadequate by admitted companies. Laws governing surplus lines vary by state.

Source: Insurance Handbook A guide to insurance: what it does and how it works |

Label: Insurance
Theme: Dictionary of Insurance Terms

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What is the Definition of Surplus Lines?

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the individual defined as the insured in the policy contract.

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insurance for losses explicitly defined in the policy contract.

What is the meaning of National Association of Insurance Commissioners (NAIC)

the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.

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