384.017. Nonadmitted insurers, purchases from allowed, when.
Nonadmitted insurers, purchases from allowed, when.
384.017. Insurance may be procured through a surplus lineslicensee from nonadmitted insurers if:
(1) Each insurer is an eligible surplus lines insurer;
(2) The full amount or kind of insurance is not obtainablefrom admitted insurers who are actually transacting in this statethe class of insurance required by the insured. Insurance shallbe deemed "obtainable" within the meaning of this section ifthere is available a market with admitted insurers that cansupply the insured's requirements both as to type of coverage andas to quality of service. "Type of coverage", as used in thissection, refers to hazards covered and limits of coverage."Quality of security and service", as used in this section,refers to the rating by a recognized financial service; and
(3) All other requirements of sections 384.011 to 384.071are met.
(L. 1987 H.B. 700 § 2, A.L. 1989 S.B. 250)