What is the term for insurance in Michigan that is procured from an unauthorized insurer?

The term for insurance in Michigan that is procured from an unauthorized insurer is Surplus Lines Insurance. This type of insurance is typically used when coverage is not available through licensed or admitted insurers in the state. Surplus lines insurers can operate without state licensing, but they must meet specific criteria and are usually specialized in providing coverage for risks that conventional insurers may deem too high or unusual.

Surplus Lines Insurance allows policyholders access to necessary coverage that meets their unique needs, especially in complex or high-risk situations. This procurement process is regulated to ensure that even though the insurer may not be licensed in Michigan, the transactions are still compliant with state laws. This could involve ensuring that the surplus lines broker is licensed and follows proper procedures.

The other choices, while relevant to the insurance industry, do not specifically refer to insurance obtained from unauthorized insurers in Michigan. These terms cover different aspects of insurance but do not capture the essence of surplus lines as it relates to the state's regulatory framework.