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The system of regulation for surplus lines insurance in the commonwealth of pennsylvania. It establishes the requirements for eligible surplus lines insurers, the process for notifying insureds of the use of nonadmitted insurers, and the service of process against surplus lines insurers. The document also defines key terms related to surplus lines insurance, such as 'admitted insurer', 'nonadmitted insurer', 'surplus lines insurance', and 'exempt commercial purchaser'. The goal of this regulation is to permit orderly access to surplus lines insurance and encourage insurers to make new and innovative types of insurance available to consumers in the commonwealth.
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Purpose - Answer- 1. PROTECT PERSONS seeking insurance in PA
export - Answer- to place surplus lines insurance with either a nonadmitted insurer or an eligible surplus lines insurer in accordance with their home state home state - Answer- come back independently procured insurance - Answer- any insurance directly procured by an insured from a nonadmitted user insurance producer - Answer- a person that is licensed to sell solicit or negotiate contracts of insurance with admitted insurers kind of insurance - Answer- one of the types of insurance required to be reported in the annual statement which must be filed with the department by admitted insurers nonadmitted insurer - Answer- an insurer not authorized and not licensed to do an insurance business in this Commonwealth. The term includes insurance exchanges as authorized under the laws of various states. The term does not include a risk retention group. person - Answer- a natural person or business entity purchasing group - Answer- an entity formed to purchase liability insurance under the Risk Retention Amendments of 1986 risk retention group - Answer- an insurer organized to do business under the Risk Retention Amendments of 1986 State - Answer- any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Marianas Islands, the Virgin Islands, and American Samoa surplus - Answer- the term, as used in the financial requirements of section 1605, means funds over and above liabilities and capital of the company for the protection of its policyholders surplus lines insurance - Answer- a person licensed as a surplus lines producer under section 1615 to place surplus lines insurance with nonadmitted insurers eligible t accept such insurance type of insurance - Answer- coverage afforded under the particular policy that is being placed wet marine and transportation insurance - Answer- 1. insurance upon vessels, crafts or hulls and of interests therein or with relation thereto
Service of process against surplus lines insurer - Answer- 1. may be sued upon any cause of action arising in this Commonwealth under any surplus lines insurance contract made by or or evidence of insurance issued and delivered by the surplus lines licensee
Declarations - Answer- In case of each placement of insurance:
product liability - Answer- liability for damages because of an personal injury, death, emotional harm, consequential economic damage or property damage arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product -does not include the liability of any person for these damages if the product was involved was in the possession of such a person when the incident giving rise to the claim occurred notice to insured - Answer- the surplus lines licensee shall present to the insured or to the writing producer written notice that the insurance or a portion thererof involves placement with nonadmitted insurers including: -the insurer with which the licensee places insurance is not licensed by the department and is subject to its limited regulation -in the event of insolvency of an eligible surplus lines insurer: losses will not be paid by the PA Property and Casualty Insurance Guaranty Association