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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 384

previous next Effective - 28 Aug 2014bottom

  384.023.  Unlisted nonadmitted insurers may be used for coverage, when — requirements. — Risk eligible for export may be placed with any other nonadmitted insurer which does not appear on the list of eligible surplus lines insurers published by the director pursuant to subdivision (2) of subsection 1 of section 384.021 but nonetheless meets the requirements set forth in subdivision (1) of subsection 1 of section 384.021 and related complying regulations of the director.  The surplus lines licensee seeking to provide coverage through an unlisted nonadmitted insurer shall make a filing specifying the amount and percentage of each risk to be placed, and naming the nonadmitted insurer with which placement is intended and shall pay the tax due pursuant to section 384.059.  Within twenty days after placing the coverage, the surplus lines licensee shall also send written notice to the insured or the producing broker that the insurance, or a portion thereof, has been placed with such nonadmitted insurer.

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(L. 1987 H.B. 700 § 4, A.L. 2014 H.B. 1361)


---- end of effective   28 Aug 2014 ----

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