What is a Form F filing in North Carolina?
Any time an insurance company is not regulated by the NC Department of Insurance, the consumer must be aware of it.As a result, the insured's signature is required on a Form F filing any time a policy with a "non-admitted" carrier is placed.
The form must be printed in bold and contrasting type, and must include the following language: "The insurance company with which this coverage has been placed is not licensed by the State of North Carolina and is not subject to its supervision.
In the event of the insolvency of
the insurance company, losses under this policy will not be paid by any
State insurance guaranty or solvency fund."
What does this mean?
The language is pretty straightforward. Essentially it means that the insurance company does not want to play by the State's insurance laws and regulations. It does not necessarily mean that the insurance company is substandard, it simply means that they are not regulated by the State.
However it does mean that if the company becomes insolvent, the policyholders are not re-insured by any sort of State fund or guaranty association.
Securing coverage with an admitted carrier is always preferable,
but in some cases, may not be available. Usually these insurance
companies insure risks that are otherwise difficult to place, or exotic
From Form F to Brown-Phillips Insurance home page