Get nevada surplus lines tax

The licensed surplus lines broker is responsible for ensuring the surplus lines insurer meets eligibility criteria to write policies in the state and remits payment of the surplus lines premium tax to the “home state.” Surplus lines brokers and producers must be licensed to sell surplus lines insurance.

A surplus lines insurer is sometimes referred to as a non-admitted or unlicensed carrier, but this does not mean their policies aren't valid or that they aren't regulated to some extent. The designation only means that they are subject to different regulations from those that govern admitted or standard carriers.

The Surplus Lines Deduction allows taxpayers to deduct from their premiums “sums collected to cover federal and other state taxes and examination fees” when calculating the premium amount subject to the tax.

Surplus lines companies sell mostly property and casualty polices. They don't sell auto liability policies or life and health insurance.

Surplus Lines Insurance vs. Regular insurance carriers, also called standard or admitted carriers, must follow state regulations concerning how much they can charge and what risks they can and cannot cover. Surplus lines carriers do not have to follow these regulations, which allows them to take on higher risks.

The licensed surplus lines broker is responsible for ensuring the surplus lines insurer meets eligibility criteria to write policies in the state and remits payment of the surplus lines premium tax to the “home state.” Surplus lines brokers and producers must be licensed to sell surplus lines insurance.

In surplus lines insurance, states have some oversight on the solvency of insurers, generally requiring that financial information be filed by surplus lines insurers to judge whether the insurers are sufficiently capitalized.

SURPLUS LINES LAWS – GENERALLY By contrast, licensed insurers in the U.S. are broadly regulated as to solvency, rates and forms, market conduct, permissible investments, leverage (whether as to capital structure, premium to surplus ratio, or limit of risk to surplus) and affiliate relationships.