Missouri Laws 384.023 – Unlisted nonadmitted insurers may be used for coverage, when — requirements
Terms Used In Missouri Laws 384.023
- Director: the director of the department of commerce and insurance. See Missouri Laws 384.015
- Export: to place surplus lines insurance with a nonadmitted insurer. See Missouri Laws 384.015
- Nonadmitted insurer: an insurer not licensed to do an insurance business in this state, including insurance exchanges authorized under the laws of other states, but does not include a risk retention group, as that term is defined in the Liability Risk Retention Act of 1986 (15 U. See Missouri Laws 384.015
- Producing broker: the individual broker or agent dealing directly with the party seeking insurance. See Missouri Laws 384.015
- Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
- Surplus lines licensee: a person licensed to place insurance on risks resident, located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See Missouri Laws 384.015
Risk eligible for export may be placed with any other nonadmitted insurer which does not appear on the list of eligible surplus lines insurers published by the director pursuant to subdivision (2) of subsection 1 of section 384.021 but nonetheless meets the requirements set forth in subdivision (1) of subsection 1 of section 384.021 and related complying regulations of the director. The surplus lines licensee seeking to provide coverage through an unlisted nonadmitted insurer shall make a filing specifying the amount and percentage of each risk to be placed, and naming the nonadmitted insurer with which placement is intended and shall pay the tax due pursuant to section 384.059. Within twenty days after placing the coverage, the surplus lines licensee shall also send written notice to the insured or the producing broker that the insurance, or a portion thereof, has been placed with such nonadmitted insurer.