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§ 991.1608. Surplus lines licensee's duty to notify insured

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: June 30, 2011

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: June 30, 2011
40 P.S. § 991.1608
§ 991.1608. Surplus lines licensee's duty to notify insured
Currentness
At the time of presenting a quotation to the insured, the surplus lines licensee shall present to the insured or to the writing producer written notice that the insurance or a portion thereof involves placement with nonadmitted insurers. The surplus lines licensee shall, either directly or through the writing producer, give notice to the insured that:
(1) the insurer with which the licensee places the insurance is not licensed by the department and is subject to its limited regulation; and
(2) in the event of the insolvency of an eligible surplus lines insurer, losses will not be paid by the Pennsylvania Property and Casualty Insurance Guaranty Association.

Credits

1921, May 17, P.L. 682, No. 284, art. XVI, § 1608, 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, § 7, effective in 180 days [Sept. 20, 2010]; 2011, June 30, P.L. 194, No. 28, § 2, imd. effective.
40 P.S. § 991.1608, PA ST 40 P.S. § 991.1608
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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