Hawaii Revised Statutes 431:8-307 – Broker’s duty to notify insured
Current as of: 2024 | Check for updates
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No contract of insurance placed by a surplus lines broker under this part and no premium charged therefor shall be due and payable until the surplus lines broker, when business is originated by a surplus lines broker, or the producer, when business is referred to a surplus lines broker from a licensed producer, has notified the insured in writing that:
Terms Used In Hawaii Revised Statutes 431:8-307
- Contract: A legal written agreement that becomes binding when signed.
- Surplus lines broker: means any person licensed under section 431:8-310 to place insurance on risks resident, located, or to be performed in this State with unauthorized insurers. See Hawaii Revised Statutes 431:8-102
A copy of the notice shall be maintained by the broker with the records of the contract and available for examination.
Nothing in this section shall nullify any agreement by any insurer to provide insurance.