#Surplus lines d1 form code

The Association regularly communicates with its members and serves as a major means of exchange between the Insurance Department and licensed surplus lines producers. The Association also advises the Commissioner concerning various aspects of the surplus lines market.Д«ecause the activities of the Association are important to the commissionerвЂ™s oversight of the surplus lines market, the commissioner has ruled that each surplus lines producer must be a member of the Association. The Surplus Line Association of Utah assists the Utah Insurance Commissioner in facilitating and encouraging compliance by its members with the laws of Utah and the rules of the commissioner concerning surplus lines. The commissioner has designated the Surplus Line Association of Utah as the advisory organization and has authorized it to review surplus lines submissions, assess a stamping fee, and collect the surplus lines premium tax on behalf of the commissioner.

#Surplus lines d1 form code

The Utah Insurance Code specifically provides for a surplus lines advisory organization. In Utah, the Insurance Department and the Surplus Line Association work closely together. Surplus lines insurance companies are specifically prohibited by law from participating in the guaranty association.

These companies do file annual financial statements with the Insurance Department and these are available to the public for review. These companies are not subject to a formal financial examination by the commissioner. He has no authority over their rates and forms and these are not filed with the department. The commissioner has limited regulatory authority over these non-admitted companies. These companies cannot directly solicit insurance business so they offer their products through licensed surplus line producers. It is comprised of companies that are вЂњrecognizedвЂќ but not issued a certificate of authority by the Insurance Commissioner. The excess and surplus lines market is a specialty market. This provides some protection to the insurance buyer. The law also requires that admitted insurers participate in a state вЂњguaranty association.вЂќ If one admitted insurance company becomes insolvent, all other admitted insurance companies that write the same type of insurance are required to contribute to a fund that is used to help pay claims outstanding against the insolvent company. Admitted companies may solicit directly or through appointed agents who have been licensed by the department. They are also subject to formal financial examination by the commissioner. These companies must submit their rates and forms to the commissioner for review. The admitted market represents about 97% of the property and casualty premium written in Utah. They are referred to as the вЂњadmitted marketвЂќ and the вЂњnon-admittedвЂќ or вЂњexcess and surplus lines market.вЂќ The admitted market consists of insurance companies that have made an application to the Insurance Commissioner, met certain legal and financial requirements, and have been issued a certificate of authority by the commissioner which allows them to solicit insurance in Utah. There are two major divisions of the property and casualty insurance marketplace.