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



(b)  The commissioner shall issue a surplus
lines broker license to any producer licensed under article 9A, except
producers licensed under section 431:9A-107(a)(1), (2), or (5), when the
producer has:



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



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



(c)  A surplus lines broker license shall be
inactivated if the licensee fails to pay any required fee or penalty.  A
surplus lines broker who allows the surplus lines broker's license to become
inactive for nonpayment of the renewal fee may reinstate that license without
the necessity of a written examination; provided that the surplus lines broker:



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



(2)  Is in compliance with all requirements of chapter
431.



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



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



(1)  The business entity licensee shall list
individuals within the business entity who have satisfied all requirements of
this part to become surplus lines brokers;



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



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



(e)  Licensing procedure, duration, and related
matters 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]