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§ 991.1609. Declarations

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: September 20, 2010

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 20, 2010
40 P.S. § 991.1609
§ 991.1609. Declarations
Currentness
(a) In the case of each placement of insurance in accordance with this article:
(1) Within thirty (30) days after the surplus lines licensee has placed insurance with an eligible surplus lines insurer, the writing producer must execute and forward to the surplus lines licensee a written statement, in a form prescribed by the department, declaring that:
(i) A diligent effort to procure the desired coverage from admitted insurers was made.
(ii) The insured was expressly advised in writing prior to placement of the insurance that:
(A) the insurer with whom the insurance is to be placed is not admitted to transact business in this Commonwealth and is subject to limited regulation by the department; and
(B) in the event of the insolvency of the insurer, losses will not be paid by the Pennsylvania Property and Casualty Insurance Guaranty Association.
This written declaration shall be open to public inspection.
(2) Within forty-five (45) days after insurance has been placed in an eligible surplus lines insurer, the surplus lines licensee shall file with the department a written declaration of his lack of knowledge of how the coverage could have been procured from admitted insurers. The surplus lines licensee shall simultaneously file the written declaration of the writing producer, as set forth in paragraph (1).
(3) In a particular transaction where the writing producer and surplus lines licensee are one in the same entity, the writing producer or surplus lines licensee shall execute both declarations.
(b) Subsection (a) shall not apply to any insurance which has been placed continuously with an eligible surplus lines insurer for a period of at least three (3) consecutive years immediately preceding the current placement. However, within forty-five (45) days after insurance has been placed with an eligible surplus lines insurer, the surplus lines licensee shall file with the department his written declaration on a form prescribed by the department.

Credits

1921, May 17, P.L. 682, No. 284, art. XVI, § 1609, 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].
40 P.S. § 991.1609, PA ST 40 P.S. § 991.1609
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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