§431:8-307  Broker's duty to notify insured. No contract of insurance placed by a surplus lines broker under this part andno premium charged therefor shall be due and payable until the surplus linesbroker, when business is originated by a surplus lines broker, or the producer,when business is referred to a surplus lines broker from a licensed producer,has notified the insured in writing that:

(1)  The insurer with which the surplus lines brokerplaced the insurance is not licensed by this State and is not subject to itssupervision; and

(2)  In the event of the insolvency of the surpluslines insurer, losses will not be paid by any of the State's insurance guarantyfunds.

A copy of the notice shall be maintained by thebroker with the records of the contract and available for examination.

Nothing in this section shall nullify anyagreement by any insurer to provide insurance. [L 1987, c 347, pt of §2; am L2002, c 155, §16; am L 2003, c 212, §46]