![]() Second, they regulate or approve the insurer's policy forms (the actual content of the policies) or the insurer's rates (the amount they charge for policies), or both. First, the regulators monitor the finances and market conduct of the insurers to see that they are financially sound and using fair and honest business practices. The regulation varies from state to state, but it can be divided into two general areas. Each state has a Department of Insurance (or similar regulatory body) that regulates these insurers. Insurers must get a license in any state where they want to write policies. If a claim is made, they pay the claim from this pool of collected premiums. ![]() They collect your premiums and those of other insureds and invest them. The insurer is the company that actually writes the policy and accepts the risk that something will happen. ![]() ![]() The first player in the marketplace we'll discuss is the insurance company, also referred to as an insurance carrier or insurer. In order to understand what surplus line insurance is, it is helpful first to understand a few things about the insurance marketplace and to understand what surplus line insurance is not. Insured FAQ What is surplus line insurance? ![]()
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