Section 375.1102

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1991   

  375.1102.  Broker required for purchase of insurance — nonresident broker acceptable — notice to insured, contents. — 1.  No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this chapter.

  2.  No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this chapter.  No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with this chapter.  No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless such person, firm, association or corporation is licensed as a surplus lines agent or excess line broker in accordance with this chapter.

  3.  For purposes of acting as a surplus lines agent or broker for a risk retention group or purchasing group pursuant to subsections 1 and 2 of this section, the requirement of residence in this state shall not apply.

  4.  Every person, firm, association or corporation licensed pursuant to the provisions of chapters 374 to 385, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by subsection 7 of section 375.1085 in the case of a risk retention group and subsection 3 of section 375.1095 in the case of a purchasing group.

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(L. 1991 H.B. 385, et al. § 34)