TITLE 41

INSURANCE

CHAPTER 12

UNAUTHORIZED INSURERS AND SURPLUS LINES

41-1227.  Records of broker. (1) Each broker shall keep in his office a full and true record of each surplus line coverage procured by him, including a copy of each daily report, if any, a copy of each certificate of insurance issued by him, and such of the following items as may be applicable:

(a)  Amount of the insurance;

(b)  Gross premium charged;

(c)  Return premium paid, if any;

(d)  Rate of premium charged upon the several items of property;

(e)  Effective date of the contract, and the terms thereof;

(f)  Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by such insurer if less than the entire risk;

(g)  Name and address of the insured;

(h)  Brief general description of the property of risk injured and where located or to be performed; and

(i)  Other information as may be required by the director.

(2)  The record shall at all times within five (5) years after issuance of the coverage to which it relates be open to examination in this state by the director.

History:

[41-1227, added 1961, ch. 330, sec. 271, p. 645; am. 2002, ch. 91, sec. 10, p. 231.]