1. As to a surplus lines risk which has been assumed by an unauthorized insurer pursuant
to the Nonadmitted Insurance Law, and if the premium thereon has been received by
the surplus lines broker who placed such insurance, in all questions thereafter arising
under the coverage between the insurer and the insured the insurer shall be deemed
to have received the premium due to it for such coverage; and the insurer shall be
liable to the insured for losses covered by such insurance, and for unearned premiums
which may become payable to the insured upon cancellation of such insurance, whether
or not in fact the broker is indebted to the insurer with respect to such insurance
or for any other cause.
2. Each unauthorized insurer assuming a surplus lines risk under the Nonadmitted Insurance
Law shall be deemed thereby to have subjected itself to the terms of this section.
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