What must a licensed broker submit to obtain approval for nonadmitted insurers as eligible surplus lines insurers?

To obtain approval for nonadmitted insurers as eligible surplus lines insurers, a licensed broker must submit documents that confirm the insurer's licensing and financial stability. This requirement is essential because it ensures that the insurer meets the necessary regulatory standards to operate and that it possesses the financial resources to handle potential claims. The broker's submission of proper documentation demonstrates the legitimacy and capability of the nonadmitted insurer, which is crucial for maintaining consumer protection and market integrity.

The focus on licensing ensures that the insurer is authorized to conduct business in the relevant states, while financial stability is vital for guaranteeing that the insurer can fulfill its obligations to policyholders. This combined verification process is part of the regulatory framework to safeguard the surplus lines market and ensure that brokers are partnering with reliable insurers.