§ 23-65-312 - Liability of insurer as to losses and unearned premiums. - Arkansas Statutes

23-65-312. Liability of insurer as to losses and unearned premiums.

(a) As to a surplus lines risk which has been assumed by an unauthorized insurer pursuant to this subchapter, and if the premium thereon has been received by the surplus lines broker who placed the insurance, in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received the premium due to it for the coverage. The insurer shall be liable to the insured as to losses covered by the insurance and for unearned premiums which may become payable to the insured upon cancellation of the insurance, whether or not in fact the broker is indebted to the insurer with respect to the insurance or for any other cause.

(b) Each unauthorized insurer assuming a surplus lines direct risk under this surplus lines insurance law shall be deemed thereby to have subjected itself to the terms of this section.

(c) Nothing in this section shall deprive the surplus lines insurer of any right of action against the surplus lines broker.