15 U.S.C. § 8205 — Streamlined application for commercial purchasers

FEDERAL · 15 U.S.C. · Chapter 108

Streamlined application for commercial purchasers

Current through Pub. L. 119-102

Title 15 — Commerce and Trade·Ch. 108 — STATE-BASED INSURANCE REFORM·Subch. I

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)the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.

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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) the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.

15 U.S.C. § 8205 (Streamlined application for commercial purchasers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 111–203, title V, §525, July 21, 2010, 124 Stat. 1591.)