20-408. Report of broker; civil penalty

A. Within sixty days after procuring any surplus lines insurance, the broker procuring the coverage shall execute and file with the director a verified report setting forth facts from which it may be determined whether the requirements of section 20-407 have been met. The report shall also contain or be accompanied by the following:

1. The name of the insurer and the identification number assigned to it by the national association of insurance commissioners.

2. The number of the policy issued.

3. The name and address of the insured.

4. The premium, including taxable policy fees.

5. The identity of the specific recognized surplus lines coverage written.

6. If the insurance coverage is not a recognized surplus line pursuant to section 20-409, an affidavit executed by the surplus lines broker attesting to compliance with the requirements of section 20-407, subsection A and confirming that evidence of compliance will be maintained in the broker's file for the duration of the insurance policy and for a period of six years after the expiration of the policy.

7. The policy effective dates that shall not be open to public inspection.

B. The director shall prescribe the required report form.

C. The director may direct a broker to file the broker's report required by this section with a voluntary domestic organization of surplus lines brokers with which the director has contracted to accept reports pursuant to section 20-167.

D. A broker may collect from the insured the stamping fee prescribed in section 20-167.

E. The director may impose and collect a civil penalty of not more than twenty-five dollars against a broker for each day the report prescribed in subsection A of this section is late.

20-408. Report of broker; civil penalty

A. Within sixty days after procuring any surplus lines insurance, the broker procuring the coverage shall execute and file with the director a verified report setting forth facts from which it may be determined whether the requirements of section 20-407 have been met. The report shall also contain or be accompanied by the following:

1. The name of the insurer and the identification number assigned to it by the national association of insurance commissioners.

2. The number of the policy issued.

3. The name and address of the insured.

4. The premium, including taxable policy fees.

5. The identity of the specific recognized surplus lines coverage written.

6. If the insurance coverage is not a recognized surplus line pursuant to section 20-409, an affidavit executed by the surplus lines broker attesting to compliance with the requirements of section 20-407, subsection A and confirming that evidence of compliance will be maintained in the broker's file for the duration of the insurance policy and for a period of six years after the expiration of the policy.

7. The policy effective dates that shall not be open to public inspection.

B. The director shall prescribe the required report form.

C. The director may direct a broker to file the broker's report required by this section with a voluntary domestic organization of surplus lines brokers with which the director has contracted to accept reports pursuant to section 20-167.

D. A broker may collect from the insured the stamping fee prescribed in section 20-167.

E. The director may impose and collect a civil penalty of not more than twenty-five dollars against a broker for each day the report prescribed in subsection A of this section is late.