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Surplus lines insurance is insurance—typically by an unadmitted, out-of-state insurer—for risks deemed too great for full insurance by more traditional insurers. A person buying surplus lines insurance does so as a supplement to whatever limited insurance coverage for that risk is available from standard insurers, and typically must go ...
Congress enacted the Nonadmitted and Reinsurance Reform Act of 2010 in an attempt to clarify which state gets to regulate the sale of surplus lines insurance to such insureds, and to exempt certain elite categories of insurance purchasers from the normal requirement of a diligent effort to procure coverage from admitted insurers. [25]
[4] [8] Through 2006, Citizens Insurance charged its customers the highest rate approved by the Florida Office of Insurance Regulation to avoid competing with private carriers. Insurance agents were prohibited from writing policies through Citizens if there was a private (not surplus lines) carrier that would write the risk. If a qualified ...
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While the bill never made it to the Congressional floor, supporters have plans to reintroduce the bill during the next Congressional session. The Risk Retention Modernization Act (RRMA) includes three specific elements—the addition of property coverage; improved corporate governance standards, and the establishment of a federal mediator.
The company has 1.01% of the domestic property and casualty insurance premiums, which ranks it as the 20th largest insurance company by market share in the U.S. [2] The Cincinnati Insurance Company was founded in 1950 by four agents, including brothers John Jack Schiff and Robert Cleveland Schiff.