Surplus lines insurance carries additional risk for the policyholder: There is no guaranty fund from which to obtain a claim payment if the surplus lines insurer goes bankrupt, as is the case with standard insurance policies. A policyholder’s claim on a regular insurance policy is often paid ou...
An analysis of operations in Florida would show that over time, insurers have not earned a big cash bonus from providing catastrophe coverage, according to Dale H. Pilkington, president of Argonaut Group Incorporated's excess and surplus lines segment.Ceniceros, Roberto...
Definition of Surplus in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is Surplus? Meaning of Surplus as a legal term. What does Surplus mean in law?
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Each line of retention is set at $1 million. The life insurance company enters into a first surplus reinsurance treaty with a reinsurer. The reinsurer takes on the risk of eight lines, covering $8 million. However, with this $8 million in reinsurance and the $2 million retained, the ced...
In this article, the authors examine the historical, legal, and economic reasons that led to the development of excess and surplus lines insurance, discuss the economic effects that the E&S market has had on the insurance market generally, and suggest ways in which regulators can strengthen the...
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insurance with licensed carriers. A few states have eliminated the need for the performance of a diligence search of licensed insurers altogether. In order for an unauthorized insurer to avail itself of the opportunity to write business under the surplus lines laws of the various jurisdictions, it...