A Deeper Look At Surplus Lines Broker Bond
In 2014, our office licensed greater than 18,000 resident and non-resident insurance producers. Firms writing surplus lines insurance function in Kentucky with no Certificates of Authority. The Division does not regulate these carriers. Consequently, nearly all responsibility for the proper placement and disposition of surplus lines insurance is positioned upon the surplus lines broker. Kentucky does not maintain a listing of licensed or accepted surplus lines corporations.
Surplus Lines Broker Quarterly Report, KY S.L.Q.R. Type 2 is used to report and remit surplus lines taxes, and are due on a quarter-in-arrears foundation (KRS 304.10-a hundred and eighty and 806 KAR 10:030). Brokers must submit a report even when there aren’t any transactions during the reporting interval. Quarterly tax stories will not be submitted electronically.
Surplus Lines Broker Bond, All About It
The Georgia surplus lines broker bond is a $50,000 surety bond required by the state’s division of insurance. In the event you apply to your surplus lines broker bond at the moment, you’ll receive a free, no-obligation worth quote within 24 business hours. is licensed to challenge surety bonds in all 50 states, which means we may be at your service irrespective of where what you are promoting is positioned. If you need the unique bond kind in your hands by tomorrow, we offer an in a single day shipping possibility. Additionally, we sponsor a particular very bad credit bonding program for individuals who have experienced credit score points previously.
Completion of $50,000 surplus lines bond required for licensing. Click here to print the bond form and ship to the state.
Applications for inactive” or cancelled” licenses with a standing purpose aside from failure to renew” or canceled for continuing schooling- reinstatable” shall be allowed by means of Resident License ( RL ) Utility. If they do maintain these statuses these licenses are thought of reinstatements and may use Resident License Renewal ( RLR ) Software.
Division Of Insurance Surplus Lines Insurance Forms And Information
1-888-416-0868 or (615) 741-2693 This workplace is chargeable for the licensing and regulation of insurance producers, enterprise entities, title companies, surplus lines agents, automobile membership agents, training providers, public adjusters, public adjuster enterprise entities, crop adjusters, viatical settlement suppliers, brokers and investment agents, moveable digital distributors and self-service storage insurance services. If sure insurance coverage can’t be procured on terms acceptable to the insureds from approved insurers, such coverages, designated “surplus lines”, may be procured from unauthorized insurers.
As a result of not all of those requirements could apply to you, it is best to all the time ask your state’s Division for Insurance what you might want to do with the intention to obtain your license.
The Importance Of Surplus Lines Broker Bond
In 2014, our workplace licensed more than 18,000 resident and non-resident insurance producers. No. An individual licensed solely as a Property Broker-Agent and Casualty Broker-Agent may not transact surplus lines enterprise on behalf of a surplus line enterprise entity licensee without additionally holding a person Surplus Line Broker license.