As of the end of 2022, AIG Specialty operates as an Illinois domestic surplus lines insurer. This means that it functions on a non-admitted basis across all fifty states and the District of Columbia. Being a surplus lines insurer allows AIG Specialty to provide coverage for risks that are not available through admitted insurers. This type of insurance is often sought after for unique or high-risk situations where traditional insurance companies may not offer coverage.
AIG Specialty’s status as a non-admitted insurer means it does not have to follow the same regulations as admitted insurers. While this can offer flexibility in providing coverage for more challenging risks, it also means that policyholders may not have the same level of protection as they would with an admitted insurer. Non-admitted insurers are not backed by state guaranty funds, which are designed to protect policyholders in the event an insurance company becomes insolvent.
It’s important for consumers to understand the distinction between admitted and non-admitted insurers when considering their insurance options. While AIG Specialty operates across the United States, it does so on a non-admitted basis, which can have implications for policyholders in terms of regulation and protection. As with any insurance decision, individuals should carefully review their options and consider consulting with an insurance professional to ensure they are getting the coverage that best fits their needs.
(Response: Yes, AIG Specialty operates as a non-admitted insurer across all 50 states and the District of Columbia.)