X-Nico

3 unusual facts about NAIC


Nonadmitted and Reinsurance Reform Act of 2010

In addition, a state may not prohibit a surplus line broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States that is listed on the quarterly listing of alien insurers maintained by the NAIC's International Insurers Department ("IID").

A state may not impose eligibility requirements on, or otherwise establish eligibility criteria for, nonadmitted insurers domiciled in a United States jurisdiction, except in conformance with sections 5(A)(2) and 5(C)(2)(a) of the NAIC's Non-Admitted Insurance Model Act, unless the state has adopted nationwide uniform requirements, forms, and procedures that include alternative nationwide uniform eligibility requirements.

After July 21, 2012, a state may not collect any fees relating to the licensing of an individual or entity as a surplus line broker unless the state has in effect laws or regulations that provide for participation by the state in the NAIC’s National Insurance Producer Database, or any equivalent uniform national database.


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Casualty insurance

When the NAIC approved multiple underwriting in 1946, casualty insurance was defined as a blanket term for legal liability except marine, disability and medical care, and some damage to physical property.


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