§ 58-21-50. Duty to notify insured.
§58‑21‑50. Duty to notify insured.
No contract of insuranceplaced by a surplus lines licensee under this Article shall be binding upon theinsured and no premium charged therefor shall be due and payable until theproducing broker or surplus lines licensee notifies the insured in writing, acopy of which shall be maintained by the broker or licensee with the records ofthe contract and available for possible examination, that:
(1) The insurer withwhich the coverage has been placed is not licensed by this State and is notsubject to its supervision; and
(2) In the event of theinsolvency of the surplus lines insurer, losses will not be paid by any Stateinsurance guaranty or solvency fund.
Nothing in this section shallnullify any agreement by any insurer to provide insurance. (1985,c. 688, s. 1.)