Skuld in NAIC IID listing
Sunday, 12 February 2012 | 00:00
We are pleased to report that Skuld has been accepted as an eligible surplus lines insurer in the US from 1 January 2012. The National Association of Insurance Commissioners (“NAIC”) International Insurers Department (“IID”) has now published its January 2012 Quarterly Listing of Alien Insurers, where both Skuld P&I and Skuld 1897 are included. The listing provides brokers, exempt commercial purchasers, and insureds with assurance as to the eligibility of non-US insurers with which excess and surplus lines insurance business is being quoted or placed.
Being included on the IID list allows SKULD to accept surplus lines business in any US jurisdiction as a matter of federal law, regardless of whether the State has an applicable marine or other exemption. The listing does not impose any limitation to transacting only surplus lines insurance. All of the existing non-admitted insurance exemptions, including industrial insured and marine exemptions, continue to be available.
In essence, the IID Listing will open up more of the US to Skuld, and may give Skuld members—and the brokers with whom we do business—more options on how to structure placements in the most efficient and cost effective manner possible.
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