§ 23-65-303. Insurer not admitted
(a) The permission granted in this law to place any insurance in a nonadmitted insurer shall not be deemed or construed to authorize that insurer to otherwise transact an insurance business in this state. Further, this limited permission shall not be deemed or construed so as to exempt nonadmitted insurers from the principles of the […]
§ 23-65-304. Definitions
As used in this subchapter: (1) “Affiliated group” means a group of entities in which each entity, with respect to an insured, controls, is controlled by, or is under common control with the insured; (2) “Alien insurer” means an insurance company incorporated or formed under the laws of a country other than the United States; […]
§ 23-65-305. Conditions of procurement
(a) If certain insurance coverages cannot be procured from authorized insurers, coverage designated “surplus lines” may be procured from unauthorized insurers subject to the following conditions: (1) The insurance shall be procured through a licensed surplus lines broker; (2) If this state is the home state of the insured: (A) The full amount of insurance […]
§ 23-65-306. Brokers’ reports
(a) At the time of the procuring of surplus lines insurance in this state, when this state is considered the home state of the insured, the surplus lines broker shall file a report with the Insurance Commissioner within sixty (60) days following the end of the calendar quarter stating the facts referenced in §§ 23-65-313 […]
§ 23-65-307. Endorsement of contract
An insurance contract procured on behalf of an insured whose home state is this state and delivered as surplus lines coverage under this subchapter shall be initiated by or bear the name of the surplus lines broker who procured it and shall contain a conspicuous statement substantially similar to the following: “This contract is registered […]
§ 23-65-308. Licensing of surplus lines broker
(a) If an insured’s home state is this state, a person shall not procure a contract of surplus lines insurance with a nonadmitted insurer unless the insurer possesses a current surplus lines broker’s license issued by the Insurance Commissioner. (b) A person, while licensed as a resident insurance producer of this state as to property, […]
§ 23-65-309. Acceptance of business from agents by surplus lines brokers
A licensed surplus lines broker may accept and place surplus lines business for an insurance agent or broker licensed in this state for the kind and class of insurance involved and may compensate the agent or broker therefor.
§ 23-65-310. Surplus lines in solvent insurers
(a) A surplus lines broker shall place surplus lines insurance only with insurers that have been approved by the Insurance Commissioner. (b) (1) The commissioner may maintain a list of approved foreign and alien surplus lines insurers in addition to those alien insurers maintaining status on the current National Association of Insurance Commissioners’ nonadmitted insurers’ […]
§ 23-65-311. Evidence of insurance — Changes
(a) (1) Upon placing a surplus lines coverage, the broker shall promptly issue and deliver to the insured evidence of the insurance, consisting either of the policy as issued by the insurer or the surplus lines broker’s certificate if the policy is not available. (2) (A) The certificate shall be executed by the broker and […]
§ 23-65-312. Liability of insurer as to losses and unearned premiums
(a) (1) If a surplus lines risk has been assumed by an unauthorized insurer under this subchapter and the premium has been received by the surplus lines broker who placed the insurance, the insurer shall be deemed to have received the premium due to it for the coverage. (2) The insurer shall be liable to […]