Delaware Code Title 18 Sec. 1920 – Surplus line brokers; licensing
(a) No individual is required to be licensed pursuant to this chapter as a surplus lines broker if the home state of the insured is a state other than Delaware.
Terms Used In Delaware Code Title 18 Sec. 1920
- broker: as used in this chapter and unless context otherwise requires, means a surplus lines broker duly licensed as such under this chapter. See Delaware Code Title 18 Sec. 1904
- home state: means , with respect to an insured
- NAIC: means the National Association of Insurance Commissioners or any successor entity. See Delaware Code Title 18 Sec. 1904
- state: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. See Delaware Code Title 18 Sec. 1904
- surplus lines broker: means an individual, firm, or corporation which is licensed in this State to sell, solicit, negotiate, or procure insurance in this state with nonadmitted insurers. See Delaware Code Title 18 Sec. 1904
- surplus lines insurance: means insurance procured by a surplus lines licensee from a surplus lines insurer or other nonadmitted insurer as permitted under the law of the home state; for purposes of this chapter "surplus lines insurance" shall also mean excess lines insurance as may be defined by applicable state law. See Delaware Code Title 18 Sec. 1904
(b) The penalty in Chapter 17 of this title for selling, soliciting, negotiating, or procuring surplus lines insurance in this State without a surplus lines license shall be waived if the Insurance Commissioner receives an application for licensure as a surplus lines broker within 45 days from the effective date of a multi-state policy for which this State is the insured’s home state.
(c) Any individual, while licensed in this State as a resident or nonresident producer, who is deemed by the Commissioner to be competent and trustworthy with respect to the handling of surplus lines may be licensed as a surplus lines broker.
(d) Application for the license shall be made to the Commissioner on forms as designated by the Commissioner.
(e) The license fee shall be as specified in § 701 of this title.
(f) The license and licensee shall be subject to the applicable provisions of Chapter 17 of this title.
(g) For the purposes of implementing the NRRA [Nonadmitted and Reinsurance Reform Act of 2010, 15 U.S.C. § 8201 et seq.], the Commissioner shall participate in the National Insurance Producer Database of the NAIC or any other equivalent national database for the licensure and license renewal of surplus lines brokers on and after July 21, 2012.
18 Del. C. 1953, § ?1912; 56 Del. Laws, c. 380, § ?1; 73 Del. Laws, c. 69, § ?1; 78 Del. Laws, c. 176, § ?2;