§ 23-65-305 - Conditions of procurement. - Arkansas Statutes

23-65-305. Conditions of procurement.

If certain insurance coverages cannot be procured from authorized insurers, coverages, hereinafter designated "surplus lines", may be procured from unauthorized insurers subject to the following conditions:

(1) The insurance must be procured through a licensed surplus lines broker;

(2) The full amount of insurance required must not be procurable, after diligent effort has been made to do so, from among authorized insurers who are actually marketing that kind or class of insurance in this state, and the amount of insurance placed in an unauthorized insurer is only the balance over the amount procurable from authorized insurers; and

(3) The soliciting agent or broker shall maintain written documentation of compliance with these requirements.