(a) Each surplus lines licensee shall keep in its office a full and true record of each surplus lines insurance contract placed by or through it, including a copy of the policy, certificate, cover note or other evidence of insurance, showing such of the following items as may be applicable:
(1) Amount of the insurance and perils insured.
(2) Brief description of the risk insured and its location.
(3) Gross premium charged.
(4) Any return premium paid.
(5) Rate of premium charged for each risk insured.
(6) Effective date and terms of the contract.
(7) Name and address of the insured.
(8) Name and address of the eligible surplus lines insurer and any nonadmitted insured involved pursuant to section 1606.
(9) Amount of tax and other sums to be collected from the insured.
(10) Identity of the writing producer, any confirming correspondence from the insurer or its representative and the application.
(11) A copy of the written notice required by section 1608.
(b) The record of each contract shall be kept open at all reasonable times to examination by the department without notice for a period of not less than five (5) years following termination of the contract.
(c) If the surplus lines licensee is a natural person who is associated with a business entity which is a valid surplus lines licensee, the business entity with which the licensee is associated shall retain the records which are required by this section to be kept by each surplus lines licensee.
Credits
1921, May 17, P.L. 682, No. 284, art. XVI, § 1619, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days. Amended 2002, July 10, P.L. 749, No. 110, § 8, effective in 60 days; 2010, March 22, P.L. 147, No. 14, § 11, effective in 180 days [Sept. 20, 2010].
40 P.S. § 991.1619, PA ST 40 P.S. § 991.1619
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
