§431:8-301  Insurance placed with
unauthorized 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 licensed
surplus lines broker;



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



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



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



 



Revision Note



 



  Subsection designation deleted.