Comparison Summary of Types of Insurers
An insurer authorized by the California DOI to issue policies to California residents.
Member of CIGA, so insureds may be afforded protection by CIGA if insurer becomes insolvent.
Substantial DOI scrutiny, including mandatory reporting, claim audits, audits of underwriting and market conduct.
Must submit rate schedules and policy forms to DOI for approval.
Proof of financial stability must be submitted to DOI; files quarterly and annual financial statements with DOI.
Directly or through agent or broker.
Subject to all insurance laws and regulations of the State of California.
Alien or foreign insurer not admitted in California, but listed in the DOI's List of Eligible Surplus Lines Insurers.
Not a member of CIGA, so no guarantee fund to protect insureds if insurer becomes insolvent.
DOI does not regulate rates or audit underwriting or market conduct.
No required DOI approval of rate schedules and policy forms.
DOI does not conduct financial examination; surplus lines broker not a guarantor of financial stability of non-admitted insurer.
Must utilize surplus lines broker.
Subject to laws of its domicile; not subject to all California insurance laws and regulations.