What Is A Surplus Lines Dealer Surety Bond?
License Renewals – All Ohio insurance coverage licenses are now required to be renewed. Those issued a Managing Common Agent, Public Insurance Adjuster, Public Insurance coverage Adjuster Agent, Reinsurance Intermediary, Surety Bail Bond, Surplus Strains, Third Occasion Administrator or Viatical Settlement Dealer license are required to renew their license(s) on an annual basis. Agents and enterprise entities who hold a Main Traces, Limited Line, Transportable Electronics, Title or Title Advertising Representative license are required to resume their license(s) every two years. Surplus strains candidates please observe that before an applicant receives an Ohio resident surplus line broker license or renewal, the applicant or licensee named within the utility shall execute and deliver to the superintendent of insurance a bond in the sum of twenty-five thousand dollars, payable to the state. The bond required by this section shall be issued by an insurance coverage company authorized to transact surety business in Ohio. Applicant should additionally submit the Ohio Particular Bond form INS3222 prescribed by the superintendent. The bond kind may be discovered on the Division’s state website.
HISTORICAL PAST: Former 1976 Code Part 38-45-40 1947 (forty five) 322; 1952 Code Section 37-804; 1962 Code Part 37-804; 1964 (53) 2054 recodified as Part 38-17-forty by 1987 Act No. a hundred and fifty five, Section 1; Former 1976 Code Part 38-47-50 1957 (50) 534; 1962 Code Part 37-203.2 recodified as Section 38-forty five-forty by 1987 Act No. one hundred fifty five, Part 1; 1993 Act No. 181, Part 672; 2012 Act No. 283, Section 1, eff January 1, 2012.
The excess traces producer shall give the next consumer notice to each particular person applying for insurance coverage with a nonadmitted insurer. The notice should be printed in 16 level kind on a separate doc affixed to the application. The applicant shall signal and date a replica of the notice to acknowledge receiving it. The surplus lines producer shall maintain the signed discover in its file for a period of 5 years from expiration of the coverage. The surplus traces producer shall tender a copy of the signed discover to the insured on the time of delivery of each policy the producer transacts with a nonadmitted insurer. The copy should be a separate document affixed to the coverage.
HISTORY: Former 1976 Code Part 38-forty five-a hundred and forty 1947 (45) 322; 1952 Code Section 37-814; 1962 Code Section 37-814 recodified as Section 38-17-a hundred and forty by 1987 Act No. one hundred fifty five, Section 1; Former 1976 Code Section 38-47-a hundred and fifty 1947 (45) 322; 1952 Code Section 37-204; 1962 Code Section 37-204 recodified as Section 38-45-one hundred forty by 1987 Act No. 155, Section 1; 1988 Act No. 374, Part 19; 1993 Act No. 181, Part 672; 2012 Act No. 283, Part 1, eff January 1, 2012.
A: A producer is defined as any particular person required to be licensed to promote, solicit or negotiate insurance. A producer can be an Agent, Broker, Advisor, Reinsurance Middleman or Excess Lines Broker. The License will point out if you are a Producer licensed as an Agent, Broker, Marketing consultant, Reinsurance Intermediary or Excess Strains Dealer.
The Pennsylvania Surplus Lines Association (PSLA) is a non-profit group that serves as an advisory group below contract with the Pennsylvania Insurance Department for purposes of advising and consulting on issues in regards to the surplus lines marketplace in Pennsylvania. On the same time PSLA supplies extensive coaching and education to both resident and non-resident surplus strains licensees.