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§ 991.1604. Placement of surplus lines insurance

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: September 9, 2002

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XVI. Surplus Lines (Refs & Annos)
Effective: September 9, 2002
40 P.S. § 991.1604
§ 991.1604. Placement of surplus lines insurance
Currentness
Insurance may be procured through a surplus lines licensee from nonadmitted insurers if the following requirements are met:
(1) Each insurer is an eligible surplus lines insurer.
(2) The placement satisfies the criteria set forth in at least one of the following subparagraphs:
(i) The full amount or kind of insurance cannot be obtained from admitted insurers. Such full amount or kind of insurance or any portion thereof may be procured from eligible surplus lines insurers, provided that a diligent search is made among the admitted insurers who are writing, in this Commonwealth, coverage comparable to the coverage being sought.
(ii) The full amount or kind of insurance cannot be obtained from any admitted insurers because coverage comparable to the coverage being sought generally is not available in the authorized market.
(iii) The kind of insurance sought to be obtained from admitted insurers requires a unique form of coverage not available in the admitted market.
(3) With respect to personal lines policies or contract forms, the policy or contract form used by the insurer does not differ materially from policies or contracts customarily used by admitted insurers for the kind of insurance involved. Personal lines coverage may be placed in an eligible surplus lines insurer using a unique form or policy designed for the kind of insurance only if a copy of such form is first filed with the department by the surplus lines licensee desiring to use it. The form shall be deemed approved by the commissioner unless, within ten (10) days after receipt of the same, the commissioner shall find that the use of such form will be contrary to law or public policy.
(4) All other requirements of this article are met.

Credits

1921, May 17, P.L. 682, No. 284, art. XVI, § 1604, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days. Amended 2002, July 10, P.L. 749, No. 110, § 6, effective in 60 days.
40 P.S. § 991.1604, PA ST 40 P.S. § 991.1604
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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