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

submitted 16 years ago by Pub. L. 111-203 to r/title-15-COMMERCE-AND-TRADE · 119 words · no verdicts yet

in plain englishAI-generated · not legal advice

A surplus lines broker placing insurance for an "exempt commercial purchaser" doesn't have to do a due-diligence search proving that regular insurers can't provide the coverage, as long as the broker tells the purchaser that admitted insurers might offer more regulatory protection, and the purchaser still asks in writing for the nonadmitted coverage.

A surplus lines broker trying to get or place nonadmitted insurance in a state for an exempt commercial purchaser does not have to meet any state requirement to search for whether admitted insurers could provide that same coverage, as long as (1) the broker has told the purchaser that the insurance might, or might not, be available from admitted insurers, who may offer more regulatory oversight, and (2) the purchaser has then asked the broker, in writing, to get or place the insurance from a nonadmitted insurer anyway.
the actual law source: uscode.house.gov ↗public domain

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.

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

history & why it existsrecord from the source credit
  • 2010Enacted · Pub. L. 111-203 · 124 Stat. 1591

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.

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