Question

Which is an ACCURATE statement regarding the List of Approved Surplus Lines Insurers?

1. Participation in LASLI is mandatory and all approved non admitted insurers are on the list.
2. Surplus lines insurers that are not on the list are unapproved for broker use.
3. The same rules apply for U.S. domiciled and non U.S. domiciled carriers.
4. Eligible carriers do not need to file documents with the California Department of Insurance.

Answer 1

Surplus lines insurers that are not on the list are unapproved for broker use. Brokers should use insurers on the approved list for legality and reliability.

Step-by-step explanation:

The accurate statement regarding the List of Approved Surplus Lines Insurers is: 2. Surplus lines insurers that are not on the list are unapproved for broker use.

It is important for brokers to use insurers that are on the approved list to ensure the legality and reliability of the insurance coverage they provide.

The List of Approved Surplus Lines Insurers is specific to non admitted insurers and does not apply to U.S. domiciled or non U.S. domiciled carriers that are admitted insurers.

To be eligible for the List of Approved Surplus Lines Insurers, carriers need to file documents with the California Department of Insurance.