What is required annually from surplus lines brokers regarding their policies?

Surplus lines brokers are required to submit an annual report detailing premiums and losses related to the policies they have placed. This requirement ensures transparency and allows regulatory bodies to monitor the activities of surplus lines insurers, including the levels of business being transacted and the associated risks. By tracking premiums and losses, regulators can assess market trends, evaluate the financial health of brokers, and ensure appropriate oversight over non-admitted insurers that offer coverage not available through standard markets. Therefore, this annual report is a crucial regulatory measure that supports the integrity and stability of the insurance market, making it a key responsibility for surplus lines brokers.