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Cake day: June 17th, 2023

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  • Idk NY’s rules on surety bonds, but the general rule in insurance is, if you can’t find coverage in the admitted market then you go to the surplus market—which KSIC is a surplus lines insurance company (and not regulated by the state). Dodd-Frank even prohibits states from denying that these companies can be regulated by the states.

    Short answer: this is normal insurance procedure. If you can’t find an admitted company to cover you, then you go to the surplus/excess lines market, which is not regulated by the state.

    This hinges on New York’s laws regarding surety bonds, which I have no idea about. Some coverages, of course, have to be written in the admitted market, like your car insurance.