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What is the difference between surplus lines carriers and admitted carriers?

April 26, 2017carriers surplus

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What is the difference between surplus lines carriers and admitted carriers?

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A. Admitted carriers must file forms and rates with each state insurance department. Surplus lines carriers do not file with the state insurance departments and do not have to meet the same capitalization requirements as admitted carriers. Surplus lines coverage is not protected by any state s guaranty fund except in New Jersey. Please keep in mind, however, that since 1994, the A.M.