Which condition allows a surplus lines licensee to place coverage with a nonadmitted insurer?

A surplus lines licensee is permitted to place coverage with a nonadmitted insurer primarily when that insurer holds valid accreditation in its domiciliary jurisdiction. This accreditation signifies that the insurer has met certain financial and regulatory standards in its home state, ensuring it is capable of fulfilling its obligations. This is crucial because surplus lines markets are designed to provide coverage when traditional admitted companies are unable or unwilling to cover certain risks. By requiring the nonadmitted insurer to have valid accreditation, it helps protect policyholders from taking unnecessary risks with their insurance coverage.

The other options do not align with the established regulatory framework for surplus lines. For example, simply being based outside the state does not automatically qualify an insurer; many legitimate nonadmitted insurers might operate within regulatory environments that do not meet Missouri's surplus lines requirements. Additionally, the experience of being in business for over a decade does not inherently guarantee the financial stability or regulatory compliance necessary for a nonadmitted insurer to provide coverage. Specialization in health insurance is unrelated as well, as surplus lines cover a broad spectrum of insurance categories beyond just health. Thus, valid accreditation in the domiciliary jurisdiction is the definitive requirement that allows a surplus lines licensee to place coverage with a nonadmitted insurer.