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NAIL Model Laws, Regulations, Guidelines and Other Resources January 1996ALLOCATION OF SURPLUS LINES AND INDEPENDENTLY PROCURED INSURANCE PREMIUM TAX ON MULTISTATE RISKS MODEL REGULATION Table of

How to fill out allocation of surplus lines

How to fill out allocation of surplus lines

1. Understand the concept of surplus lines: Surplus lines are insurance lines that are not available from licensed insurers within the state. They typically involve risks that are considered high or unique.
2. Identify the surplus lines market: Research and find the surplus lines market in your state or region. This is where surplus lines insurance is transacted.
3. Determine the need for surplus lines coverage: Assess if your insurance needs meet the criteria for surplus lines coverage. This usually includes risks that are hard to insure, such as specialized or high-risk businesses.
4. Obtain surplus lines broker or agent: Find a licensed surplus lines broker or agent who can assist you with filling out the allocation of surplus lines form. They will have the expertise and knowledge to guide you through the process.
5. Fill out the allocation of surplus lines form: Obtain the necessary form from your surplus lines broker or agent and complete it accurately. Provide all the required information about the insured, the policy details, and the coverage being sought.
6. Submit the form to the appropriate authority: Once the form is completed, submit it to the designated surplus lines authority in your state. This could be a regulatory agency or department responsible for overseeing surplus lines transactions.
7. Pay the associated fees: Surplus lines transactions often involve fees in addition to the premium. Make sure to calculate and pay any applicable fees along with the form submission.
8. Receive the surplus lines coverage: If the allocation of surplus lines form is approved, you will receive the surplus lines coverage. Review the policy documents carefully to ensure it meets your insurance needs.
9. Renew or make changes if needed: Surplus lines coverage typically has a limited duration. Keep track of the policy's expiration date and either renew it or make changes as necessary to maintain appropriate coverage.

Who needs allocation of surplus lines?

1. Businesses with high-risk operations: Companies involved in industries or activities that are classified as high-risk may require surplus lines coverage. Examples include construction, aviation, and hazardous materials handling.
2. Specialized businesses: Some businesses have unique insurance needs that may not be readily available from traditional insurers. Surplus lines coverage can provide the necessary coverage for these specialized businesses.
3. Individuals with unique risks: Certain individuals, such as high-net-worth individuals or those with extensive personal assets, may require surplus lines coverage to adequately protect their unique risks.
4. Businesses operating in multiple states: If a business operates across multiple states, it may encounter insurance requirements that vary from state to state. Surplus lines coverage can help bridge any gaps in coverage.
5. Companies seeking specific insurance solutions: Sometimes, businesses may have specific insurance requirements that cannot be met by standard insurance policies. Surplus lines coverage offers more flexibility and customizable options.

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What is allocation of surplus lines?

Allocation of surplus lines is the process of distributing insurance policies to unauthorized insurers when coverage cannot be obtained through licensed insurers.

Who is required to file allocation of surplus lines?

Insurance producers or brokers who place insurance with unauthorized insurers are required to file allocation of surplus lines.

How to fill out allocation of surplus lines?

Allocation of surplus lines is typically filled out electronically using a designated system provided by the state insurance department.

What is the purpose of allocation of surplus lines?

The purpose of allocation of surplus lines is to ensure that coverage is available when it cannot be obtained through licensed insurers, while also monitoring and regulating the transactions with unauthorized insurers.

What information must be reported on allocation of surplus lines?

Information such as the policyholder's name, type of coverage, premium amount, and details of the unauthorized insurer must be reported on allocation of surplus lines.