384.023. Unlisted nonadmitted insurers may be used for coverage, when--requirements. - Missouri Statutes

Unlisted nonadmitted insurers may be used for coverage,when--requirements.

384.023. Only that portion of any risk eligible for exportfor which the full amount of coverage is not procurable fromeligible surplus lines insurers may be placed with any othernonadmitted insurer which does not appear on the list of eligiblesurplus lines insurers published by the director pursuant tosubdivision (4) of section 384.021 but nonetheless meets therequirements set forth in subdivisions (1) to (3) of section384.021 and any regulations of the director. The surplus lineslicensee seeking to provide coverage through an unlistednonadmitted insurer shall make a filing specifying the amount andpercentage of each risk to be placed, and naming the nonadmittedinsurer with which placement is intended. Within twenty daysafter placing the coverage, the surplus lines licensee shall alsosend written notice to the insured or the producing broker thatthe insurance, or a portion thereof, has been placed with suchnonadmitted insurer.

(L. 1987 H.B. 700 § 4)

Effective 7-1-87