Missouri Laws 384.017 – Nonadmitted insurers, purchases from allowed, when
Surplus lines insurance may be placed by a surplus lines licensee if:
(1) Each insurer is an eligible surplus lines insurer;
Terms Used In Missouri Laws 384.017
- Eligible surplus lines insurer: a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance. See Missouri Laws 384.015
- Kind of insurance: one of the types of insurance required to be reported in the annual statement which must be filed with the director by admitted insurers. See Missouri Laws 384.015
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
(2) The full amount or kind of insurance is not obtainable from admitted insurers who are actually transacting in this state the class of insurance required by the insured. Insurance shall be deemed obtainable within the meaning of this section if there is available a market with admitted insurers that can supply the insured’s requirements both as to type of coverage and as to quality of service. “Type of coverage”, as used in this section, refers to hazards covered and limits of coverage. “Quality of security and service”, as used in this section, refers to the rating by a recognized financial service; and
(3) All other requirements of sections 384.011 to 384.071 are met.