17:22-6.54 - Liability of insurer - New Jersey Statutes

17:22-6.54.  Liability of insurer
    If the unauthorized insurer has assumed the risk as to a surplus lines coverage placed under this surplus lines law, and if the premium therefor has been received by the surplus lines agent who placed such insurance, then 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  such coverage;  and the insurer shall be liable to the insured as to losses  covered by such insurance, and for unearned premiums which may become payable  to the insured upon cancellation of such insurance, whether or not in fact the  surplus lines agent is indebted to the insurer with respect to such insurance  or for any other cause.

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

     L.1960, c. 32, p. 116, s. 20.