General Information: Eligibility Requirements For Insurers Qualifying Under NRRA: Effective July 21, 2011, the provisions of the NRRA have been incorporated into California Insurance Code Section 1765.1 such that a broker may place surplus line insurance for California home state insureds with:
Surplus line brokers who make placements with non-admitted insurers under California Insurance Code Section 1765.1 are responsible for determining the eligibility of these insurers at the time of placement. Eligibility and Filing Requirements for Nonadmitted Insurers Approved on the LASLI: In California, nonadmitted insurers may also voluntarily seek to be placed on the LASLI maintained by the CDI. This is an optional listing and insurers need not be on the LASLI to be used for surplus line placements. Both foreign and alien nonadmitted insurers may be included on the LASLI provided the insurers satisfy the standards set forth in California Insurance Code Section 1765.2. Nonadmitted insurers on the LASLI must demonstrate to the State of California their financial stability, reputation and integrity, as well as adhering to specific capitalization, investment and solvency standards established under the California Insurance Code Section 1765.2. Refer to the California LASLI Filing Requirements Guide for Surplus Line Insurers on the California Surplus Line Association’s website for details regarding current California eligibility and filing requirements for surplus lines insurers (http://www.slacal.com/insurers/lasli-insurer-filing-information/insurer-filing-requirements).
NOTE: If any of the documents required under California Insurance Code Section 1765.2 are available from the NAIC or other public source, the insurer does not need to file those documents with the CDI. If hard copies of the documents are filed, for LASLI applicants, the documents must be filed in duplicate (one original and one photocopy) with the CDI Corporate Affairs Bureau (CAB) in Oakland. For current LASLI companies, only one original copy is required and continues to be filed with the Accounting Services Bureau in Sacramento. However, for both LASLI applicants and current LASLI companies, Biographical Affidavits must be filed in triplicate (one original and two photocopies). Though insurers may continue to file by hard copy, the CDI is now able to accept original LASLI applications, annual renewals and updates electronically through the CDI LASLI portal. To access the portal go to: https://lasliportal.insurance.ca.gov/. Refer to the California LASLI Filing Requirements Guide for Surplus Line Insurers on the California Surplus Line Association’s website for details regarding California eligibility and filing requirements for surplus line insurers. (http://www.slacal.com/insurers/lasli-insurer-filing-information/insurer-filing-requirements). Types of Insurance Exempted from Surplus Lines Laws and Regulations: The types of insurance listed below are exempt from California surplus lines laws and regulations per California Insurance Code Section 1760.5. Types #1, #3 and #4 must be placed by and through a California licensed special lines’ surplus line broker.
Other Comments or Requirements:
What is an insurance broker according to California Insurance Code?(a) "Broker" means a person, including an agent appointed pursuant to Insurance Code section 1704, who represents, purports to represent, or allows a client reasonably to assume he or she represents, a client in an insurance transaction.
What type of insurance is required in California quizlet?California, drivers must carry liability insurance of $15,000 for injury/death to one person, $30,000 for injury/death to more than one person and $5,000 for damage to property (15/30/5).
What is an insurance broker according to California Insurance Code quizlet?What is an "insurance broker" according to California Insurance Code? -A person authorized to assist a broker or agent in transacting insurance. -A person who requires a license and charges a fee to review an insured's existing life or disability policy.
Which of the following is not a duty of the California insurance commissioner?Which of the following is not a duty of the California Insurance Commissioner? (The Commissioner does not prosecute lawbreakers, though he/she may issue cease and desist orders for committing unfair practices.)
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