§431K-11  Duty of producer to obtain licenseand to keep records.  (a)  Any person acting or offering to act as aproducer for a risk retention group or purchasing group which solicits members,sells insurance coverage, purchases coverage for its members located within theState, or otherwise does business in this State, before commencing any suchactivity shall obtain a license from the commissioner.

(b)  Whenever a licensed insurance producer orsurplus lines producer places business pursuant to subsection (a), the producershall keep a complete and separate record of each policy procured from a riskretention group and for a purchasing group.  The record shall be open toexamination by the commissioner.  For each policy and each kind of insuranceprovided in the policy, the record shall include the following:

(1)  The limit of liability and peril insured;

(2)  A brief description of the property insured andits location;

(3)  The effective date of the contract and its terms;

(4)  The time period covered by the contract;

(5)  The gross premium charged;

(6)  Any return premiums paid;

(7)  The name and address of the risk retention groupwhich issued the policy;

(8)  The name and address of the insured; and

(9)  Any additional information required by the commissioner.[L 1987, c 180, pt of §1; am L 1989, c 272, §8; am L 2001, c 216, §26]