384.036. Policy or certificate to be delivered to insured or broker--policies to indicate current status and any changes--violation, penalties.

MISSOURI STATUTES AND CODES

384.036. Policy or certificate to be delivered to insured or broker--policies to indicate current status and any changes--violation, penalties.

Policy or certificate to be delivered to insured or broker--policiesto indicate current status and any changes--violation, penalties.

384.036. 1. Upon placing surplus lines insurance, thesurplus lines licensee shall promptly deliver to the insured orthe producing broker the policy, or if such policy is not thenavailable, a certificate as described in subsection 4 of thissection, cover note, binder or other evidence of insurance. Thecertificate, as described in subsection 4 of this section, covernote, binder or other evidence of insurance shall be executed bythe surplus lines licensee and shall show the description andlocation of the subject of the insurance, coverages including anymaterial limitations other than those in standard forms, ageneral description of the coverages of the insurance, thepremium and rate charged and taxes to be collected from theinsured, and the name and address of the insured and surpluslines insurer or insurers and proportion of the entire riskassumed by each, and the name of the surplus lines licensee andthe licensee's license number.

2. No surplus lines licensee shall issue or deliver anyevidence of insurance or purport to insure or represent thatinsurance will be or has been written by any eligible surpluslines insurer, or a nonadmitted insurer pursuant to section384.023, unless he has authority from the insurer to cause therisk to be insured, or has received information from the insurerin the regular course of business that such insurance has beengranted.

3. If, after delivery of any such evidence of insurance,there is any change in the identity of the insurers, or theproportion of the risk assumed by any insurer, or any othermaterial change in coverage as stated in the surplus lineslicensee's original evidence of insurance, or in any othermaterial as to the insurance coverage so evidenced, the surpluslines licensee shall promptly issue and deliver to the insured orthe original producing broker an appropriate substitute for, orendorsement of the original document, accurately showing thecurrent status of the coverage and the insurers responsiblethereunder.

4. As soon as reasonably possible after the placement of anysuch insurance, the surplus lines licensee shall deliver a copyof the policy or, if not available, a certificate of insurance tothe insured or producing broker to replace any evidence ofinsurance theretofore issued. Each certificate or policy ofinsurance shall contain or have attached thereto a completerecord of all policy insuring agreements, conditions, exclusions,clauses, endorsements or any other material facts that wouldregularly be included in the policy.

5. Any surplus lines licensee who fails to comply with therequirements of this section shall be subject to the penaltieshereinafter provided.

6. Every evidence of insurance negotiated, placed orprocured under the provisions of sections 384.011 to 384.071issued by the surplus lines licensee shall, on the face of thepolicy or declaration page of the policy, bear the name of thelicensee and the following legend in 10-point type: "This isevidence of insurance procured and developed under the MissouriSurplus Lines Laws. It is NOT covered by the Missouri InsuranceGuaranty Association. This insurer is not licensed by the stateof Missouri and is not subject to its supervision."