|
Information
on Surplus Lines |
|
When licensed insurers are unwilling or
unable
to provide needed
coverage, consumers can secure coverage with an approved surplus line
insurer (also called a “non-admitted” carrier) through a
licensed surplus line broker. Individuals or corporations may secure
insurance coverage directly from a non-admitted insurer.
This
coverage is considered "independently procured." If
the insurance is independently procured, the purchaser must pay the
premium tax directly to the Arkansas Insurance Department on a “Report of
Independently Procured Insurance Tax” form.
To view the Rule and Regulation regarding surplus lines coverage click
here (Rule
24)
Search
the Insurance Agent database. This useful tool contains
useful information on every
insurance agent licensed to sell insurance in Arkansas.
|
The Nonadmitted and
Reinsurance Reform Act of 2010 (NRRA) restricts the
eligibility requirements Arkansas may impose on a company to be a
nonadmitted insurer in our state. The Commissioner will continue to
maintain a list of eligible surplus lines insurers.
Please visit our Finance Division website at www.insurance.arkansas.gov/finance/surpluslinespage.htm
for:
- Updated annual filing changes;
- Procedures for transitioning from
an
"Approved" to an "Eligible" Surplus Lines Insurer and have your
statutory deposit released;
- Current list of eligible surplus
lines
insurers operating in Arkansas; and
- Other useful links and information.
|
