§431K-11 Duty of producer to obtain license and to keep records.

228 words·~1 min read·/hi/431k-11

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Any person acting or offering to act as a producer for a risk retention group or purchasing group which solicits members, sells insurance coverage, purchases coverage for its members located within the State, or otherwise does business in this State, before commencing any such activity shall obtain a license from the commissioner.

(b)Whenever a licensed insurance producer or surplus lines producer places business pursuant to subsection (a), the producer shall keep a complete and separate record of each policy procured from a risk retention group and for a purchasing group. The record shall be open to examination by the commissioner. For each policy and each kind of insurance provided in the policy, the record shall include the following:

(1)The limit of liability and peril insured;

(2)A brief description of the property insured and its location;

(3)The effective date of the contract and its terms;

(4)The time period covered by the contract;

(5)The gross premium charged;

(6)Any return premiums paid;

(7)The name and address of the risk retention group which issued the policy;

(8)The name and address of the insured; and

(9)Any additional information required by the commissioner. [L 1987, c 180, pt of §1; am L 1989, c 272, §8; am L 2001, c 216, §26]