What Special Record Keeping Is Required Of A Surplus Liners Broker?

Each Surplus Lines Broker must keep in the Broker' s office a full and true record of each surplus lines coverage procured by the Broker, including a copy of each daily report, if any, a copy of each certificate of insurance issued by the Surplus Lines Broker, and the following items as applicable:

  • Amount of the insurance;
  • Gross premium charged;
  • Return premium paid, if any;
  • Rate of premium charged upon the several items of property;
  • Effective date of the contract, and the terms thereof;
  • Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by the insurer if less than the entire risk;
  • Name and address of the insured;
  • Brief general description of the property or risk insurer and where located or to be performed; and
  • Other information as may be required by the commissioner.
  • The record shall be open to examination by the commissioner at all times within 5 years after issuance of the coverage to which it relates.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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