Waiver of Financial Responsibility

When a filing comes in with a carrier that is not on our authorized carrier list or is an admitted carrier (which is not on our authorized carrier list), the commissioner may waive the financial requirements for placing the risk. Accordingly, we require the following information from the filing surplus line broker for review by the commissioner:

  1. A letter of explanation for the need to waive the financial requirements;
  2. Company's latest financials for the unauthorized carrier;
  3. A copy of the letter to the insured, signed by the insured, explaining the use of an authorized carrier in the placement of their respective coverage(s);
  4. A copy of the registered affidavit and copy of the policy declarations page.