§ 8205. Streamlined application for commercial purchasers

132 words·~1 min read·/usc/title-15/section-8205

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

A surplus lines broker seeking to procure or place nonadmitted insurance in a State for an exempt commercial purchaser shall not be required to satisfy any State requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers if—

(1)the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and

(2)the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.

(Pub. L. 111–203, title V, § 525, July 21, 2010, 124 Stat. 1591.)

Connections2 cite this

Cited by 2 sections

statute-compilations

Sec. 525
STREAMLINED APPLICATION FOR COMMERCIAL PURCHASERS

statutes-at-large

Public Law 111–203
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes

2 references not yet in our index

Pub. L. 111–203, title V, § 525
124 Stat. 1591

Citation graph

cites case law

§ 8205

Streamlined application for commercial purchasers

Stat. Comp.×1

Stat.×1

Pub. L.Pub. L. 111–203, title V, § 525

Stat.124 Stat. 1591

Cites 2Cited by 2 across 2 sources