FEDERAL · 15 U.S.C. · Chapter SUBCHAPTER I—NONADMITTED INSURANCE
Streamlined application for commercial purchasers
15 U.S.C. § 8205
Title15 — Commerce and Trade
ChapterSUBCHAPTER I—NONADMITTED INSURANCE
This text of 15 U.S.C. § 8205 (Streamlined application for commercial purchasers) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
15 U.S.C. § 8205.
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—
(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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Source Credit
History
(Pub. L. 111–203, title V, §525, July 21, 2010, 124 Stat. 1591.)
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Bluebook (online)
15 U.S.C. § 8205, Counsel Stack Legal Research, https://law.counselstack.com/usc/15/8205.