No contract of insurance placed by a surplus lines licensee under this Article shall be binding upon the insured and no premium charged therefor shall be due and payable until the producing broker or surplus lines licensee notifies the insured in writing, a copy of which shall be maintained by the broker or licensee with the records of the contract and available for possible examination, that:
(1) The insurer with which the coverage has been placed 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 State insurance guaranty or solvency fund.
Nothing in this section shall nullify any agreement by any insurer to provide insurance. (1985, c. 688, s. 1.)
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Last modified: March 23, 2014