West Virginia Code 33-12C-15 – Surplus lines licensees may accept business from other producers
Current as of: 2023 | Check for updates
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A surplus lines licensee may originate surplus lines insurance or accept such insurance from any other individual insurance producer duly licensed as to the kinds of insurance involved, and the surplus lines licensee may compensate the individual insurance producer for the business. The surplus lines licensee shall have the right to receive from the insurer the customary commission.
Terms Used In West Virginia Code 33-12C-15
- Individual: means any private or natural person as distinguished from a partnership, corporation, limited liability company or other legal entity. See West Virginia Code 33-12C-3
- Insurance: means any of the lines of authority in section ten, article one of this chapter. See West Virginia Code 33-12C-3
- Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance. See West Virginia Code 33-12C-3
- Insurer: means any person, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, fraternal benefit society, and any other legal entity engaged in the business of making contracts of insurance under section two, article one of this chapter. See West Virginia Code 33-12C-3
- Surplus lines licensee: means an individual licensed under section five of this article to place insurance on properties, risks or exposures located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See West Virginia Code 33-12C-3