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Pennsylvania Statutes Title 40 P.S. Insurance § 991.1606. Other nonadmitted insurers

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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.

1  40 P.S. § 991.1605.

Cite this article: - Pennsylvania Statutes Title 40 P.S. Insurance § 991.1606. Other nonadmitted insurers - last updated January 01, 2019 |

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