§ 5024 -   Conditions for placement of insurance

§ 5024. Conditions for placement of insurance

(a) Insurance coverage, except as described in section 5025 of this chapter, shall not be placed with a nonadmitted insurer unless the full amount of insurance required is not reasonably procurable from admitted insurers actually transacting that kind and class of insurance in this state; and the amount of insurance exported shall be only the excess over the amount procurable from admitted insurers actually transacting and insuring that kind and class of insurance.

(b) Notwithstanding any other provision of this section, the commissioner may order eligible for export any class or classes of insurance coverage or risk for which he or she finds there to be an inadequate competitive market among admitted insurers either as to acceptance of the risk, contract terms or premium or premium rate. (Added 1979, No. 50, § 2; amended 1979, No. 197 (Adj. Sess.), § 3; amended 2001, No. 97 (Adj. Sess.), § 19.)