Surplus Lines Statement - Ohio Department of Insurance - insurance ohio 2025

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Surplus is the amount by which an insurers assets exceed its liabilities.
The surplus amount is calculated based on the net profits achieved by the insurance company and the portfolio in which the client is the policyholder. This surplus is also distributed to the policyholders of the portfolio based on the legislation of the Insurance Authority in the Kingdom of Saudi Arabia.
Surplus lines insurance protects against a financial risk that a regular insurance company will not take on. Surplus lines insurance policies are available in a variety of types for both individuals and businesses. Surplus lines insurance is generally more expensive than regular insurance because the risks are higher.
Individuals and businesses buy surplus lines insurance to protect themselves against financial risks that are too large or too rare for a regular insurance company to be willing to take on.
Surplus lines tax is a type of tax that is imposed on insurance policies that are not covered by the states admitted insurance market. This means that the insurance policy is not regulated by the states insurance department and is instead placed with a non-admitted insurance company.