What is required for a company to remain on the Department's list of Alien Eligible Surplus Lines Insurers?

For a company to remain on the Department's list of Alien Eligible Surplus Lines Insurers, it is essential that it stays on the NAIC IID List. The NAIC IID (National Association of Insurance Commissioners Insurance Information Division) List serves as a standard for determining which alien insurers are qualified to operate within the United States' surplus lines market. This list ensures that insurers meet specific financial and regulatory requirements set forth by the NAIC, which is important for protecting policyholders and maintaining market stability.

Being listed on the NAIC IID List indicates that the insurer has met the necessary criteria in terms of financial health, operational standards, and regulatory compliance. Therefore, continuous inclusion on this list is crucial for an insurer's ability to conduct business in surplus lines in South Carolina. Consequently, this requirement emphasizes the importance of maintaining rigorous standards in the surplus lines insurance industry to safeguard consumer interests and uphold market integrity.