2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 108 - State-Based Insurance Reform (Sections 8201 - 8232)
Subchapter I - Nonadmitted Insurance (Sections 8201 - 8206)
Sec. 8205 - Streamlined application for commercial purchasers
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 108 - STATE-BASED INSURANCE REFORM SUBCHAPTER I - NONADMITTED INSURANCE Sec. 8205 - Streamlined application for commercial purchasers |
| Contains | section 8205 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 111-203, title V, §525, July 21, 2010, 124 Stat. 1591. |
| Statutes at Large Reference | 124 Stat. 1591 |
| Public and Private Law | Public Law 111-203 |
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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.)
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