(a) A contract of insurance placed by a surplus lines broker under this chapter is not binding upon the insured and a premium charged is not due and payable until
Terms Used In Alaska Statutes 21.34.110
Contract: A legal written agreement that becomes binding when signed.
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) the surplus lines broker has notified the insured in writing, a copy of which shall be maintained by the surplus lines broker with the records of the contract, available for examination, that the insurer with whom the surplus lines broker places the insurance does not hold a certificate of authority issued by this state and is not subject to its supervision, and, in the event of the insolvency of the surplus lines insurer, losses will not be covered under Alaska Stat. Chapter 21.80 (Alaska Insurance Guaranty Association Act); or(2) the producing broker has notified the insured and the surplus lines broker in writing, a copy of which shall be maintained by the producing broker and the surplus lines broker with the records of the contract, available for examination, that the insurer with whom the surplus lines is placed does not hold a certificate of authority issued by this state and is not subject to this state’s supervision, and, in the event of the insolvency of the surplus lines insurer, losses will not be covered under Alaska Stat. Chapter 21.80 (Alaska Insurance Guaranty Association Act).(b) Nothing in this section may be construed as nullifying an agreement by an insurer to provide insurance.
