(a) (1) If a surplus lines risk has been assumed by an unauthorized insurer under this subchapter and the premium has been received by the surplus lines broker who placed the insurance, the insurer shall be deemed to have received the premium due to it for the coverage.
(2) The insurer shall be liable to the insured for:
(A) Losses covered by the insurance; and
(B) Unearned premiums that may become payable to the insured upon cancellation of the insurance.
(b) Each unauthorized insurer assuming a surplus lines direct risk under the insurance laws of this state shall be deemed to have subjected itself to the terms of this section.
(c) This section shall not deprive the surplus lines insurer of any right of action against the surplus lines broker.
Section: Previous 23-65-305 23-65-306 23-65-307 23-65-308 23-65-309 23-65-310 23-65-311 23-65-312 23-65-313 23-65-314 23-65-315 23-65-316 23-65-317 23-65-318 23-65-319 NextLast modified: November 15, 2016