§431:8-310  Surplus lines broker licenserequired; qualifications for license.  (a)  No person shall procure anycontract of surplus lines insurance with an unauthorized insurer unless theperson is licensed as a surplus lines broker.

(b)  The commissioner shall issue a surpluslines broker license to any producer licensed under article 9A, exceptproducers licensed under section 431:9A-107(a)(1), (2), or (5), when theproducer has:

(1)  Remitted the annual license fee to thecommissioner as provided in article 7; and

(2)  Submitted a completed license application on aform furnished by the commissioner.

(c)  A surplus lines broker license shall beinactivated if the licensee fails to pay any required fee or penalty.  Asurplus lines broker who allows the surplus lines broker's license to becomeinactive for nonpayment of the renewal fee may reinstate that license withoutthe necessity of a written examination; provided that the surplus lines broker:

(1)  Pays the fee and a penalty in the amount of fiftyper cent of the then unpaid fees within twenty-four months from theinactivation date; and

(2)  Is in compliance with all requirements of chapter431.

The license shall automatically expire if thesurplus lines broker does not reinstate the surplus lines broker's licensewithin the twenty-four-month period.

(d)  Business entities shall be eligible to besurplus lines brokers, upon meeting the following conditions:

(1)  The business entity licensee shall listindividuals within the business entity who have satisfied all requirements ofthis part to become surplus lines brokers;

(2)  Only those individuals listed on the businessentity's license shall transact surplus lines business; and

(3)  An individual licensed as a surplus lines brokershall be identified as the business entity's designated representative.

(e)  Licensing procedure, duration, and relatedmatters are governed by articles 7 and 9A. [L 1987, c 347, pt of §2; am L 1993,c 205, §13; am L 2002, c 155, §17; am L 2004, c 122, §26; am L 2006, c 154, §9;am L 2009, c 77, §7]