375.1102. Broker required for purchase of insurance--nonresident broker acceptable--notice to insured, contents.
Broker required for purchase of insurance--nonresident brokeracceptable--notice to insured, contents.
375.1102. 1. No person, firm, association or corporationshall act or aid in any manner in soliciting, negotiating orprocuring liability insurance in this state from a risk retentiongroup unless such person, firm, association or corporation islicensed as an insurance agent or broker in accordance with thischapter.
2. No person, firm, association or corporation shall act oraid in any manner in soliciting, negotiating or procuringliability insurance in this state for a purchasing group from anauthorized insurer or a risk retention group chartered in a stateunless such person, firm, association or corporation is licensedas an insurance agent or broker in accordance with this chapter.No person, firm, association or corporation shall act or aid inany manner in soliciting, negotiating or procuring liabilityinsurance coverage in this state for any member of a purchasinggroup under a purchasing group's policy unless such person, firm,association or corporation is licensed as an insurance agent orbroker in accordance with this chapter. No person, firm,association or corporation shall act or aid in any manner insoliciting, negotiating or procuring liability insurance from aninsurer not authorized to do business in this state on behalf ofa purchasing group located in this state unless such person,firm, association or corporation is licensed as a surplus linesagent or excess line broker in accordance with this chapter.
3. For purposes of acting as a surplus lines agent orbroker for a risk retention group or purchasing group pursuant tosubsections 1 and 2 of this section, the requirement of residencein this state shall not apply.
4. Every person, firm, association or corporation licensedpursuant to the provisions of chapters 374 to 385, RSMo, onbusiness placed with risk retention groups or written through apurchasing group, shall inform each prospective insured of theprovisions of the notice required by subsection 7 of section375.1085 in the case of a risk retention group and subsection 3of section 375.1095 in the case of a purchasing group.
(L. 1991 H.B. 385, et al. § 34)