Procedure and Requirements for Listing as Foreign Surplus Lines Insurer
- The company must file with the Director of Insurance a letter of intent indicating:
- That the company wishes to be placed on the List of Eligible Surplus Lines Insurers in the State of Idaho.
- The reason why the company is not seeking admission as an authorized insurer.
- That the company will abide by the surplus lines laws of Idaho.
- That the company will accept only business placed through licensed surplus lines brokers who are to collect and remit the applicable premium taxes and stamping fees.
- The lines of insurance the company plans to write in
- A copy of its annual statement in the form recommended by the National
Association of Insurance Commissioners. The statement must have an original
certification by the public insurance supervisory official of the insurer’s
state of domicile or be sworn to by at least two (2) of the company’s
executive officers. This filing must include a Statement of Actuarial
Opinion, a copy of the Management Discussion and Analysis, and a copy
of the company’s most recent Audited Financial Statement including
the accountant’s letter of qualification and the accountant’s
report on internal controls.
- A Certificate of Compliance certified by the insurance supervisory
official of the state of domicile.
- A completed certified by the proper corporate official.
Payment of fees: $500.00