If you’re wondering about the status of QBE Specialty Insurance Company, it’s important to note its regulatory standing. As of the end of 2022, QBE Specialty holds a license as a domestic surplus lines insurance company in North Dakota. However, its operations extend beyond this state. QBE Specialty operates on a non-admitted basis in all fifty states of the United States, along with the District of Columbia.
This distinction is significant in the insurance world. Being licensed as a domestic surplus lines insurer in North Dakota means QBE Specialty can offer certain types of insurance policies specific to that state’s regulations. However, the fact that it operates on a non-admitted basis in all other states and D.C. means it can provide coverage that traditional admitted insurers might not offer. Non-admitted insurers typically handle more specialized or higher-risk coverage areas.
For consumers and businesses seeking insurance coverage, understanding whether a company is admitted or non-admitted can influence their choices. Admitted insurers are backed by the state’s insurance guarantee fund, providing an extra layer of protection. On the other hand, non-admitted insurers can offer unique policies but may not have the same level of regulatory oversight. It’s essential to consider these factors when evaluating insurance options and ensuring the coverage meets your specific needs.
(Response: QBE Specialty Insurance Company is non-admitted.)