What is the minimum surplus lines premiums amount required for brokers to file an affidavit with the state?

In the context of Colorado surplus lines insurance, brokers are required to file an affidavit with the state when they engage in placing surplus lines insurance. The key aspect of this practice is that there is no established minimum premium requirement for brokers to file an affidavit. This means that regardless of the premium amount, whether it's very low or substantial, the affidavit must still be filed.

This approach is significant because it allows for flexibility in insuring risks that traditional markets may not accommodate, thereby broadening the accessibility of coverage options for various needs. It emphasizes the regulatory framework's intent to ensure accountability and transparency in surplus lines transactions, regardless of the monetary threshold involved. It is crucial for brokers to remain diligent in their filing requirements, regardless of the premium size.