Section 60A.202 Evidence of Placement of Insurance by Licensee
60A.202 EVIDENCE OF PLACEMENT OF INSURANCE BY LICENSEE.
Subdivision 1.Restriction.
Only a surplus lines licensee shall issue evidence of placement of insurance with an eligible or ineligible surplus lines insurer.
Subd. 2.Written communication of coverage to be delivered.
A licensee shall, within seven working days after the date on which the risk was bound or the insured or applicant was advised that coverage has been or will be obtained, deliver to the insured or the insured's representative a policy, a written binder, a certificate or other written evidence of insurance placed with an eligible or ineligible surplus lines insurer.
Subd. 3.Contents of written communication.
The written communication showing that insurance has been obtained shall identify all known surplus lines insurers directly assuming any risk of loss. If there is more than one surplus lines insurer, any document issued or certified by the licensee pursuant to subdivision 2 shall specify, to the extent known by the licensee, whether the obligation is joint or several, and if the obligation is several, the proportion of the obligation assumed by each insurer.
History:
1981 c 221 s 7