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



(b)  Whenever a licensed insurance producer or
surplus lines producer places business pursuant to subsection (a), the producer
shall keep a complete and separate record of each policy procured from a risk
retention group and for a purchasing group.  The record shall be open to
examination by the commissioner.  For each policy and each kind of insurance
provided 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 and
its 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 group
which 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]