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Current as of January 01, 2023 | Updated by FindLaw Staff
Subdivision 1. Restriction. Only a surplus lines broker shall issue evidence of placement of insurance with a nonadmitted insurer.
Subd. 2. Written communication of coverage to be delivered. A broker shall, within seven working days after the date on which the risk was bound or the insured or applicant was advised that coverage has been or will be obtained, deliver to the insured or the insured's representative a policy, a written binder, a certificate or other written evidence of insurance placed with a nonadmitted insurer.
Subd. 3. Contents of written communication. The written communication showing that insurance has been obtained shall identify all known nonadmitted insurers directly assuming any risk of loss. If there is more than one nonadmitted insurer, any document issued or certified by the broker pursuant to subdivision 2 shall specify, to the extent known by the broker, whether the obligation is joint or several, and if the obligation is several, the proportion of the obligation assumed by each insurer.
Cite this article: FindLaw.com - Minnesota Statutes Insurance (Ch. 59A-79a) § 60A.202. Evidence of placement of insurance by broker - last updated January 01, 2023 | https://codes.findlaw.com/mn/insurance-ch-59a-79a/mn-st-sect-60a-202/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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