Only that portion, not to exceed twenty-five per centum (25%), of any risk eligible
for export for which the full amount of coverage is not procurable from either admitted
insurers or eligible surplus lines insurers may be placed with any other nonadmitted
insurer which does not appear on the list of eligible surplus lines insurers published
by the department pursuant to section 1605(b) 1 but nonetheless meets the requirements set forth in section 1605(a) and any regulations
of the department. The surplus lines licensee providing coverage through a nonadmitted insurer which
is not an eligible surplus lines insurer shall make a filing specifying the amount
and percentage of each risk along with a full explanation of why the risk could not
be placed with admitted or eligible surplus lines insurers and naming the nonadmitted
insurer with which placement was made. At the time of presenting a quotation to the insured, the surplus lines licensee
shall present to the insured or to the writing producer written notice that a portion
of the insurance will be placed with such nonadmitted insurer.
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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