§431:8-307  Broker's duty to notify insured. 
No contract of insurance placed by a surplus lines broker under this part and
no premium charged therefor shall be due and payable until the surplus lines
broker, 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 broker
placed the insurance is not licensed by this State and is not subject to its
supervision; and



(2)  In the event of the insolvency of the surplus
lines insurer, losses will not be paid by any of the State's insurance guaranty
funds.



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



Nothing in this section shall nullify any
agreement by any insurer to provide insurance. [L 1987, c 347, pt of §2; am L
2002, c 155, §16; am L 2003, c 212, §46]