North Carolina General Statutes 58-21-25. Other nonadmitted insurers
Terms Used In North Carolina General Statutes 58-21-25
- Export: means to place surplus lines insurance with a nonadmitted domestic surplus lines insurer or a nonadmitted insurer. See North Carolina General Statutes 58-21-10
- Nonadmitted insurer: includes insurance exchanges authorized under the laws of various states. See North Carolina General Statutes 58-21-10
- Producing broker: means an insurance producer licensed under Article 33 of this Chapter who deals directly with the party seeking insurance and who may also be a surplus lines licensee. See North Carolina General Statutes 58-21-10
- Surplus lines licensee: means a person licensed under N. See North Carolina General Statutes 58-21-10
Only that portion of any risk eligible for export for which the full amount of coverage is not procurable from eligible surplus lines insurers may be placed with any other nonadmitted insurer that does not appear on the list of eligible surplus lines insurers published by the Commissioner pursuant to N.C. Gen. Stat. § 58-21-20(b), but nonetheless meets the requirements set forth in N.C. Gen. Stat. § 58-21-20(a)(1) through (a)(3) and any regulations of the Commissioner. The surplus lines licensee seeking to provide coverage through an unlisted nonadmitted insurer shall make a filing specifying the amount and percentage of each risk to be placed, and naming the nonadmitted insurer with which placement is intended. Within 30 days after the coverage has been placed, the producing broker or surplus lines licensee shall send written notice to the insured that the insurance, or a portion thereof, has been placed with such nonadmitted insurer. (1985, c. 688, s. 1.)