Surplus lines insurance market : background and analysis / Tory L. McCoy, editor.

Format:

Book

Contributor:

McCoy, Tory L., editor.

Series:

American political, economic, and security issues series.

American Political, Economic, and Security Issues

Language:

English

Subjects (All):

Insurance--United States.

Insurance.

Excess and surplus lines insurance--Law and legislation--United States.

Excess and surplus lines insurance.

Consumer protection--United States.

Consumer protection.

Physical Description:

1 online resource (77 p.)

Place of Publication:

New York, [New York] : Novinka, 2014.

Language Note:

English

Summary:

In general, insurance is a highly regulated financial product. Every state requires licenses for insurance companies, and most states closely regulate both company conduct and the details of the particular insurance products sold in the state. This regulation is usually seen as important for consumer protection; however, it also creates barriers to entry in the insurance market and typically reduces to some degree the supply of insurance that is available to consumers. Rather than requiring consumers who may be unable to find insurance from a licensed insurer to simply go without insurance, states have allowed consumers to purchase insurance from non-licensed insurers, commonly called nonadmitted or surplus lines insurers. Although any sort of insurance could be sold by a surplus lines insurer, most such transactions tend to be for rarer and more exceptional property and casualty risks, such as art and antiques, hazardous materials, natural disasters, amusement parks, and environmental or pollution risks. This book discusses surplus lines insurance, and property and casualty insurance.

Notes:

Includes index.

Description based on online resource; title from PDF title page (ebrary, viewed May 13, 2014).

ISBN:

1-63117-977-2