§ 58-21-25. Other nonadmitted insurers. - North Carolina Statutes

§58‑21‑25.  Other nonadmitted insurers.

Only that portion of any riskeligible for export for which the full amount of coverage is not procurablefrom eligible surplus lines insurers may be placed with any other nonadmittedinsurer that does not appear on the list of eligible surplus lines insurerspublished by the Commissioner pursuant to G.S. 58‑21‑20(b), butnonetheless meets the requirements set forth in G.S. 58‑21‑20(a)(1)through (a)(3) and any regulations of the Commissioner. The surplus lines licenseeseeking to provide coverage through an unlisted nonadmitted insurer shall makea filing specifying the amount and percentage of each risk to be placed, andnaming the nonadmitted insurer with which placement is intended. Within 30 daysafter the coverage has been placed, the producing broker or surplus lineslicensee shall send written notice to the insured that the insurance, or aportion thereof, has been placed with such nonadmitted insurer. (1985,c. 688, s. 1.)