Install
US Regulation terms
NAIC, state commissioners and federal reach.
Admitted insurerAn insurance company licensed by a state's insurance department to sell policies there, subject to that state's filing rules and guaranty fund protection.Diligent searchThe effort a surplus lines broker must make to find coverage from admitted insurers before placing a risk with a non-admitted insurer.Guaranty fundA state-created safety net that pays covered claims, up to statutory limits, when an admitted insurer becomes insolvent.Non-admitted insurerAn insurer not licensed in your state that may still write coverage there through a surplus lines broker, outside the state's rate and form filing rules.Risk-based capitalA regulatory formula for the minimum capital an insurer must hold against asset, underwriting and reserve risks, with escalating action as capital falls.Stamping feeA charge on a surplus lines policy that pays the state or its stamping office to review and record the placement, collected from the buyer with the premium.