§ 26-11-111 — Liability of insurer as to losses and unearned premiums; applicability of section to insurers

(a) As to a surplus line risk which is assumed by a
nonadmitted insurer pursuant to this chapter, and if the premium
thereon is received by the surplus line broker who placed the
insurance, in all questions thereafter arising under the
coverage as between the insurer and the insured the insurer is
deemed to have received the premium due to it for that coverage.
The insurer is liable to the insured for losses covered by the
insurance and for unearned premiums which are payable to the
insured upon cancellation of the insurance, whether or not the
broker is indebted to the insurer with respect to the insurance
or for any other cause.
(b) Each nonadmitted insurer assuming a surplus line risk
under this chapter subjects itself to the terms of this section.