§431:8-301  Insurance placed withunauthorized insurer permitted.  In addition to section 431:8-205,insurance may be procured from an unauthorized insurer provided:

(1)  The insurance is procured through a licensedsurplus lines broker;

(2)  The full amount or kind of insurance cannot beobtained from insurers who are authorized to do business in this State;provided that a diligent search is made among the insurers who are authorizedto transact and are actually writing the particular kind and class of insurancein this State each time such insurance is placed or renewed;

(3)  The surplus lines insurance procured is inaddition to or in excess of the amount and coverage which can be procured fromthe authorized insurers; and

(4)  The insurance is not procured at a rate lowerthan the lowest rate which is generally acceptable to authorized insurerstransacting that kind of business and providing insurance affordingsubstantially the same protection. [L 1987, c 347, pt of §2]

 

Revision Note

 

  Subsection designation deleted.