Title 15 — Commerce and Trade
Chapter 108 — State-Based Insurance Reform
§ 8205. Streamlined application for commercial purchasers
Statutory text
A surplus lines broker seeking to procure or place nonadmitted insurance in a State for an exempt commercial purchaser shall not be required to satisfy any State requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers if—
the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and
the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Nonadmitted and Reinsurance Reform Act of 2010
Pub. L. 111–203 title V § 525 · 124 Stat. 1376
Enacted · 15 U.S.C. § 8205
(Pub. L. 111–203, title V, § 525, July 21, 2010, 124 Stat. 1591.)
Source evidence
Code source credit
(Pub. L. 111–203, title V, § 525, July 21, 2010, 124 Stat. 1591.)Enacted provision · exact public law section
SEC. 525. STREAMLINED APPLICATION FOR COMMERCIAL PURCHASERS. A surplus lines broker seeking to procure or place nonadmitted insurance in a State for an exempt commercial purchaser shall not be required to satisfy any State requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers if— (1) the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and (2) Written request. the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.
1 of 1 references resolved to an enrolled provision