If certain insurance coverage cannot be obtained on terms acceptable to the insured from authorized insurers, insurance called surplus line may be obtained from unauthorized insurers.
The insurance must be procured through a licensed surplus line broker.
The full amount of insurance required must not be procurable, after diligent effort, from among the insurers authorized to transact that kind and class of insurance.
The insurance must not be procured for the purpose of securing the advantage of a lower premium rate than would be accepted by authorized insurers.
Within 30 days of the effective date, the surplus line broker shall file a written report (Form ID12) http://www.aldoi.org/iView/page.cfm?view=52 validating coverage was written through the unauthorized market.
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