2010 Minnesota Code
Chapters 59A - 79A Insurance
Chapter 60A General Insurance Powers
Section 60A.205 Compensation
60A.205 COMPENSATION.
Subdivision 1.Authorization.
A surplus lines licensee may be compensated by an eligible surplus lines insurer and the licensee may compensate a licensed agent in this state for obtaining surplus lines insurance business. A licensed agent authorized by the licensee may collect a premium on behalf of the licensee, and as between the insured and the licensee, the licensee shall be considered to have received the premium if the premium payment has been made to the agent.
Subd. 2.Consequences of receipt.
If an eligible surplus lines insurer has assumed a risk, and if the premium for that risk has been received by the licensee who placed the insurance, then as between the insurer and the insured, the insurer shall be considered to have received the premium due to it for the coverage and shall be liable to the insured for any loss covered by the insurance and for the unearned premium upon cancellation of the insurance, regardless of whether the licensee is indebted to the insurer.
History:
1981 c 221 s 10; 2009 c 178 art 1 s 10
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