44-5505. Nonadmitted insurer; surplus lines licensee; record of business; contents; how kept.

251 words·~1 min read·/ne/chapter-44/44-5505

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

Each surplus lines licensee shall keep in the licensee's office a true and complete record of the business transacted by the licensee showing

(1)the exact amount of insurance or limits of exposure,

(2)the gross premiums charged therefor,

(3)the return premium paid thereon,

(4)the rate of premium charged for such insurance,

(5)the date of such insurance and terms thereof,

(6)the name and address of the nonadmitted insurer writing such insurance,

(7)a copy of the declaration page of each policy and a copy of each policy form issued by the licensee,

(8)a copy of the written statement described in subdivision (1)(c) of section 44-5510 or, in lieu thereof, a copy of the application containing such written statement,

(9)the name of the insured,

(10)the address of the principal residence of the insured or the address at which the insured maintains its principal place of business,

(11)a brief and general description of the risk or exposure insured and where located,

(12)documentation showing that the nonadmitted insurer writing such insurance complies with the requirements of section 44-5508 , and

(13)such other facts and information as the department may direct and require. Such records shall be kept by the licensee in the licensee's office within the state for not less than five years and shall at all times be open and subject to the inspection and examination of the department or its officers. The expense of any examination shall be paid by the licensee.