3 AAC 25.010. Conditions for procurement of surplus lines coverage

(a) Insurance may be procured through a surplus lines broker from an eligible nonadmitted insurer only if the producing broker has documentation of nonavailability or documentation that particular policy terms or conditions that are material to the insured cannot be obtained from an insurer that is admitted to do business in this state. The documentation shall meet the requirements of 3 AAC 25.030.

(b) Insurance may be procured through a surplus lines broker from a nonadmitted insurer that does not appear on the current published eligible list under AS 21.34.050 only if

(1) the producing broker complies with (a) of this section; and

(2) the surplus lines broker has documentation that

(A) the director has the nonadmitted insurer's current annual statement required by AS 21.34.040 (d); and

(B) the portion of the risk to be placed with the nonadmitted insurer cannot be obtained from a nonadmitted insurer that appears on the eligible list.

History: Eff. 8/28/91, Register 119

Authority: AS 21.06.090

AS 21.34.020

AS 21.34.060

AS 21.34.250

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