{
  "version": 1,
  "reviewed_at": "2026-08-24",
  "audience": "Licensed retail insurance professionals",
  "authority_boundary": "Market-role guides do not prove appointment, activation, product access, submission authority, quote authority, or bind authority.",
  "guides": [
    {
      "slug": "admitted-insurance-carrier",
      "title": "Admitted Insurance Carrier",
      "search_label": "Admitted carrier",
      "direct_answer": "An admitted insurance carrier holds authority from a state insurance regulator to transact specified insurance in that state. Admitted status is state and entity specific. It does not establish that Hedge is appointed, that a product is active, or that a particular account is eligible.",
      "role": "The carrier is the risk-bearing insurer and issues policies under the authority and regulatory framework applicable to its admitted business.",
      "authority_signals": [
        "State certificate of authority",
        "Approved product and state availability",
        "Appointment or producer authorization where required",
        "Actual underwriting and binding instructions"
      ],
      "access_questions": [
        "Which exact legal entity writes the policy?",
        "Is the entity admitted for this product and state?",
        "Is Hedge appointed and activated for the relevant product?",
        "What route, code, and binding authority apply?"
      ],
      "not_proof": [
        "A parent-company relationship",
        "A public appetite page",
        "A portal login without product activation",
        "A quote from a different entity, state, or program"
      ],
      "source_links": [
        {
          "label": "NAIC insurance glossary",
          "url": "https://content.naic.org/glossary-insurance-terms"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/admitted-insurance-carrier",
      "path": "/insurance-markets/admitted-insurance-carrier"
    },
    {
      "slug": "excess-and-surplus-lines-carrier",
      "title": "Excess and Surplus Lines Carrier",
      "search_label": "E&S carrier",
      "direct_answer": "An excess and surplus lines carrier is a nonadmitted insurer eligible to assume certain risks through the surplus lines system. The licensed surplus lines broker handles transaction-specific compliance. Eligibility, taxes, filings, diligent-search rules, and guaranty-fund treatment vary by jurisdiction and transaction.",
      "role": "The insurer bears the covered risk while a licensed surplus lines broker performs the placement and required home-state compliance activities.",
      "authority_signals": [
        "Eligible nonadmitted insurer status",
        "Licensed surplus lines broker",
        "State-specific placement and filing requirements",
        "Confirmed underwriting and policy-issuance route"
      ],
      "access_questions": [
        "Which insurer or Lloyd's syndicate is assuming the risk?",
        "Who is the licensed surplus lines broker for the transaction?",
        "What home-state tax, filing, and disclosure rules apply?",
        "What evidence confirms current access and submission authority?"
      ],
      "not_proof": [
        "The words specialty or E&S in a company name",
        "A generic market guide",
        "A submission email without channel authorization",
        "Eligibility of a different insurer in the same group"
      ],
      "source_links": [
        {
          "label": "NAIC surplus lines overview",
          "url": "https://content.naic.org/insurance-topics/surplus-lines"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/excess-and-surplus-lines-carrier",
      "path": "/insurance-markets/excess-and-surplus-lines-carrier"
    },
    {
      "slug": "managing-general-agent",
      "title": "Managing General Agent",
      "search_label": "MGA",
      "direct_answer": "A managing general agent is an intermediary that performs functions for an insurer under a contractual grant of authority. The actual authority may include underwriting, binding, policy issuance, premium administration, or claims functions, but the label MGA does not reveal the scope of authority for a particular program.",
      "role": "An MGA acts for one or more insurers within delegated contractual authority and may operate as the underwriting market for a specific program.",
      "authority_signals": [
        "Named carrier or syndicate",
        "Executed delegated-authority agreement",
        "Defined products, states, limits, and referral rules",
        "Authorized submission, quote, bind, and policy workflow"
      ],
      "access_questions": [
        "Which insurer supplies the paper?",
        "What underwriting or binding authority is delegated?",
        "Does the MGA accept retail or wholesale submissions for this program?",
        "What states, classes, limits, and referral rules apply?"
      ],
      "not_proof": [
        "The MGA label by itself",
        "A general company appointment",
        "A different program operated by the same firm",
        "A wholesaler-owned desk that is not acting as the underwriting program"
      ],
      "source_links": [
        {
          "label": "WSIA insurance market membership criteria",
          "url": "https://www.wsia.org/wcm/wcm/Join/Membership_Criteria_and_Applications.aspx"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/managing-general-agent",
      "path": "/insurance-markets/managing-general-agent"
    },
    {
      "slug": "managing-general-underwriter",
      "title": "Managing General Underwriter",
      "search_label": "MGU",
      "direct_answer": "A managing general underwriter generally performs delegated underwriting functions for an insurer or risk-bearing entity. The title often emphasizes underwriting responsibility, but the controlling agreement determines whether the MGU may quote, bind, issue, collect premium, or handle claims.",
      "role": "The MGU evaluates and may accept risks for a carrier within the program's delegated authority and referral rules.",
      "authority_signals": [
        "Identified risk-bearing entity",
        "Documented delegated underwriting authority",
        "Program-specific limits and referrals",
        "Operational quote, bind, and issuance controls"
      ],
      "access_questions": [
        "Who ultimately bears the risk?",
        "Which decisions may the MGU make without carrier referral?",
        "Which product, class, state, and limit boundaries apply?",
        "Can Hedge submit directly to this underwriting desk?"
      ],
      "not_proof": [
        "A job title containing underwriter",
        "Access to another program",
        "Historical capacity without current confirmation",
        "A quote request route that does not authorize binding"
      ],
      "source_links": [
        {
          "label": "WSIA wholesale market definitions",
          "url": "https://www.wsia.org/Common/Uploaded%20files/docs/PDF/AMbest/2025_AMBest_Report.pdf"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/managing-general-underwriter",
      "path": "/insurance-markets/managing-general-underwriter"
    },
    {
      "slug": "program-administrator",
      "title": "Insurance Program Administrator",
      "search_label": "Program administrator",
      "direct_answer": "An insurance program administrator manages a defined insurance product for a target class or distribution channel. It may have delegated underwriting authority, or it may administer a product subject to carrier approval. The program, paper, authority, distribution rules, and current capacity must be verified separately.",
      "role": "The administrator coordinates product design, underwriting workflow, distribution, and administration for a defined book of business.",
      "authority_signals": [
        "Named program and target class",
        "Current carrier paper or capacity",
        "Defined distribution channel",
        "Documented underwriting, binding, and referral authority"
      ],
      "access_questions": [
        "What exact program is being offered?",
        "Who supplies current paper and capacity?",
        "Does the program accept submissions from Hedge's channel?",
        "Which functions are delegated and which require referral?"
      ],
      "not_proof": [
        "A past carrier announcement",
        "A program name without current capacity",
        "A public application form",
        "A relationship with the administrator for a different product"
      ],
      "source_links": [
        {
          "label": "WSIA surplus lines distribution report",
          "url": "https://www.wsia.org/Common/Uploaded%20files/docs/PDF/AMbest/2025_AMBest_Report.pdf"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/program-administrator",
      "path": "/insurance-markets/program-administrator"
    },
    {
      "slug": "wholesale-insurance-broker",
      "title": "Wholesale Insurance Broker",
      "search_label": "Wholesale broker",
      "direct_answer": "A wholesale insurance broker is an intermediary that helps a retail producer access specialty or surplus lines markets and structure difficult placements. A wholesale broker is not the risk-bearing carrier. Hedge does not route submissions through a competing wholesale intermediary unless a specific exception is explicitly approved.",
      "role": "The wholesale broker represents the placement process between the retail producer and underwriting markets, subject to licensing, market access, and the agreed transaction role.",
      "authority_signals": [
        "Licensed wholesale or surplus lines role",
        "Direct or authorized market access",
        "Clear retail-broker relationship",
        "Documented submission, quote, bind, and servicing responsibilities"
      ],
      "access_questions": [
        "Is this firm acting as an intermediary or as an in-house delegated underwriting market?",
        "Who is the actual carrier, MGA, MGU, or program underwriter?",
        "Who owns the retail relationship and submission?",
        "What quote, bind, filing, and servicing responsibilities apply?"
      ],
      "not_proof": [
        "A wholesale label on a hybrid company",
        "An underwriting contact housed within a brokerage group",
        "A public submission inbox",
        "A market result routed through another producer"
      ],
      "source_links": [
        {
          "label": "WSIA wholesale value",
          "url": "https://wsia.org/wcm/wcm/Wholesale_Value/Wholesale_Value.aspx"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/wholesale-insurance-broker",
      "path": "/insurance-markets/wholesale-insurance-broker"
    },
    {
      "slug": "lloyds-coverholder",
      "title": "Lloyd's Coverholder",
      "search_label": "Lloyd's coverholder",
      "direct_answer": "A Lloyd's coverholder is a company authorized by a Lloyd's managing agent to enter into insurance contracts on behalf of a syndicate under a binding authority. The binding authority defines the coverholder's products, territories, limits, referrals, documentation, and other delegated functions.",
      "role": "The coverholder acts as agent of the Lloyd's underwriters within the binding authority and may underwrite, issue documents, collect premium, or handle other functions if specifically delegated.",
      "authority_signals": [
        "Lloyd's approval",
        "Sponsoring managing agent and syndicate",
        "Current binding authority",
        "Defined territorial, product, limit, and referral scope"
      ],
      "access_questions": [
        "Which managing agent and syndicate support the binding authority?",
        "What may the coverholder quote or bind?",
        "Which territories, classes, and limits apply?",
        "What must be referred to the managing agent?"
      ],
      "not_proof": [
        "Use of the Lloyd's name without a current authority check",
        "Coverholder approval for a different program",
        "Historical binding authority",
        "A broker's access to Lloyd's without the relevant product agreement"
      ],
      "source_links": [
        {
          "label": "Lloyd's coverholder guidance",
          "url": "https://www.lloyds.com/market-resources/delegated-authorities/coverholders"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/lloyds-coverholder",
      "path": "/insurance-markets/lloyds-coverholder"
    },
    {
      "slug": "risk-retention-group",
      "title": "Risk Retention Group",
      "search_label": "RRG",
      "direct_answer": "A risk retention group is a liability insurance company owned by its insured members, which share similar insurance needs. It is domiciled in one state and may register to operate in other states under the federal Liability Risk Retention Act. Membership, coverage, regulation, financial structure, and guaranty-fund treatment require careful review.",
      "role": "The member-owned insurer bears eligible commercial liability risks for its defined membership group.",
      "authority_signals": [
        "Domiciliary license",
        "Registration in the relevant state",
        "Defined membership and liability coverage",
        "Approved distribution and producer route"
      ],
      "access_questions": [
        "Who may become an insured member?",
        "Which liability coverages and states are authorized?",
        "What financial, assessment, and guaranty-fund disclosures apply?",
        "What appointment or producer route authorizes the transaction?"
      ],
      "not_proof": [
        "The RRG name alone",
        "Registration in a different state",
        "Eligibility for a different member class",
        "A public application without producer authorization"
      ],
      "source_links": [
        {
          "label": "NAIC risk retention group overview",
          "url": "https://content.naic.org/insurance-topics/risk-retention-groups"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-markets/risk-retention-group",
      "path": "/insurance-markets/risk-retention-group"
    },
    {
      "slug": "carrier-appetite-guide",
      "title": "How to Read a Commercial Insurance Carrier Appetite Guide",
      "search_label": "Carrier appetite guide",
      "direct_answer": "A commercial insurance carrier appetite guide is a directional description of classes, states, coverages, limits, and risk characteristics a carrier may consider. It is not a quote, appointment, product activation, submission route, or binding authorization, and it may not reflect underwriting changes made after publication.",
      "role": "The guide helps a producer decide whether to investigate a carrier or program, then confirm current access and account-specific eligibility through the authorized channel.",
      "authority_signals": [
        "Current publication or effective date",
        "Exact insurer, program, and product",
        "State and distribution scope",
        "Confirmed appointment, activation, route, and underwriting contact"
      ],
      "access_questions": [
        "When was the guide reviewed or issued?",
        "Which legal entity, program, product, and states does it cover?",
        "Does Hedge have current access to that exact lane?",
        "What account facts still require underwriter review?"
      ],
      "not_proof": [
        "A carrier logo",
        "A class listed without state or product context",
        "A historical PDF",
        "A relationship that lacks activation or a usable route"
      ],
      "source_links": [
        {
          "label": "Chubb commercial risk appetite tool",
          "url": "https://www.chubb.com/us-en/agents-brokers/commercial-risk-appetite-tool.html"
        }
      ],
      "reviewed_at": "2026-08-24",
      "audience": "Licensed retail insurance professionals",
      "url": "https://www.hedgespecialty.com/insurance-carriers",
      "path": "/insurance-carriers"
    }
  ],
  "carrier_publication": {
    "default": "private",
    "reviewed_at": "2026-08-24",
    "public_profile_count": 0,
    "policy_url": "https://www.hedgespecialty.com/insurance-carriers"
  }
}