What type of license is granted to a person licensed as a surplus lines broker when moving to a new state?

A nonresident surplus lines broker license is granted to an individual who moves to a new state and is already licensed as a surplus lines broker in their original state. This license allows the broker to conduct business in the new state without needing to satisfy the full resident licensing requirements again, which can often include taking state-specific examinations or fulfilling other local regulations.

This type of licensing is particularly beneficial because it recognizes the broker's existing qualifications while still ensuring they comply with the regulatory framework of the new state. Surplus lines brokers primarily deal with insurance transactions that cannot be placed with admitted insurers, which means that they must navigate additional regulations that vary from state to state. Therefore, the nonresident status allows brokers to operate across state lines, facilitating the continuity of their business operations while adhering to each state's rules regarding surplus lines insurance.

Other license types mentioned would not apply in this situation; a resident surplus lines broker license is specifically for those who are living and operating within a given state, an unrestricted broker license does not accurately define the surplus lines context, and a standard insurance producer license does not encompass the specific nuances related to surplus lines brokers.