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This bond is a legal obligation binding a surplus lines broker and their surety to the State of Rhode Island, ensuring compliance with specific insurance laws and regulations.
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How to fill out bond of surplus line
How to fill out Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island
01
Obtain the Bond of Surplus Line Broker form from the Rhode Island Department of Business Regulation.
02
Fill in the name of the principal (the surplus line broker) and the address.
03
Enter the amount of the bond, which is typically required by the state regulations.
04
Include the name of the surety company providing the bond.
05
Ensure the bond is signed by an authorized representative of the surety.
06
Have the document notarized to verify authenticity.
07
Submit the completed bond form to the General Treasurer of the State of Rhode Island.
Who needs Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island?
01
Surplus line brokers operating in the State of Rhode Island who wish to conduct business.
02
Individuals or companies seeking to engage in surplus lines insurance.
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People Also Ask about
What is the surplus line tax in Rhode Island?
Surplus lines tax: 4%, payable by broker. Rhode Island does not allow the formation of domestic surplus lines insurers in the state.
What is the purpose of a surplus line license?
Surplus Lines Carriers provide a market of last resort for risks that: (1) admitted insurers (i.e., insurers holding a certificate of authority to transact business in the state where a risk is located) (“Admitted Carriers”) are unwilling to underwrite, or (2) a state has determined are generally unavailable from
What does surplus lines broker mean in insurance?
A Surplus Line Broker is a person who places insurance with non-admitted insurers, covering risks other than aircraft and certain marine and transportation risks.
What is the primary purpose of a surplus lines broker?
The licensed surplus lines broker is responsible for ensuring the surplus lines insurer meets eligibility criteria to write policies in the state and remits payment of the surplus lines premium tax to the “home state.” Surplus lines brokers and producers must be licensed to sell surplus lines insurance.
What is surplus line broker?
A surplus lines broker is an insurance intermediary who represents the insured rather than the insurer. A surplus lines broker specializes in helping consumers find surplus lines insurance coverage in the non-admitted market.
What is the purpose of licensing surplus lines brokers in a given state?
EXPLANATION: Nonadmitted insurers are known as "surplus" or "excess" lines companies. An agent must hold a surplus lines brokers license to transact business with a nonadmitted insurer and only then if the line of insurance is not readily available within the state from admitted insurers.
Why do we have the surplus lines insurance market in the US?
Surplus lines insurance falls into the category of property and casualty insurance. In many cases, it is used to cover relatively new risks that conventional insurers shy away from because they lack historical data to properly price their policies.
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What is Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island?
The Bond of Surplus Line Broker is a financial guarantee required by the State of Rhode Island, ensuring that surplus line brokers adhere to state regulations and obligations, providing protection to consumers and the state.
Who is required to file Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island?
Surplus line brokers who are licensed to operate in the State of Rhode Island are required to file a Bond of Surplus Line Broker with the General Treasurer.
How to fill out Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island?
To fill out the Bond of Surplus Line Broker, brokers must provide their business information, the amount of the bond, and identify the General Treasurer as the obligee, along with signatures from authorized parties.
What is the purpose of Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island?
The purpose of the Bond of Surplus Line Broker is to ensure compliance with insurance regulations and to protect consumers against potential financial losses or misconduct by the broker.
What information must be reported on Bond of Surplus Line Broker to the General Treasurer of the State of Rhode Island?
The Bond must include the name of the insured broker, the bond amount, the General Treasurer as the obligee, identification of the broker's license, and relevant signatures for validation.
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