Virginia Code 38.2-4808: Effect of payment to surplus lines broker
Current as of: 2023 | Check for updates
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A. No surplus lines broker may accept a payment of premium for issuance of surplus lines insurance before placing the insurance with an eligible nonadmitted insurer.
Terms Used In Virginia Code 38.2-4808
- Eligible nonadmitted insurer: means a nonadmitted insurer approved by the Commission pursuant to § 38. See Virginia Code 38.2-4805.2
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Surplus lines broker: means an individual or business entity licensed pursuant to Article 5. See Virginia Code 38.2-4805.2
- Surplus lines insurance: means any property and casualty insurance permitted to be placed directly by an insured or through a surplus lines broker with an eligible nonadmitted insurer. See Virginia Code 38.2-4805.2
B. A payment of premium to a surplus lines broker shall be deemed to be payment to the insurer notwithstanding any policy conditions or stipulations to the contrary.
1986, c. 562; 2018, c. 205.