Loss exposure or Insurance on a loss exposure for which there is no coverage available from an Insurer licensed in the jurisdiction where the exposure is located. Insurance must, therefore, be placed with non-admitted Insurers in accordance with surplus or excess lines laws of the country having jurisdiction.
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REINSURANCE: Reinsurance of a risk in excess of the reinsured’s retention the reinsurer taking a line, or part of a line, of the business equal to the reinsured’s retention limit.
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Risks placed with nonadmitted insurers.