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(a) Neither the producing broker nor the surplus lines broker may require an insured to pay any premium until the surplus lines broker has complied with AS 21.34.110 . At the time an application is secured, the producing broker shall provide the insured with written notice that the premium charged is not due and payable until the written notice requirement of AS 21.34.110 has been satisfied by the surplus lines broker. A nonadmitted insurer may not issue a notice of cancellation for nonpayment of premium until after the written notice requirement of AS 21.34.110 has been satisfied.
(b) The written notice requirement of AS 21.34.110 may be satisfied by the surplus lines broker providing to the producing broker a pre-printed notice that contains the information required by AS 21.34.110 , and the producing broker then providing the pre-printed notice to the insured at the time evidence of insurance is required by AS 21.34.100 .
History: Eff. 8/28/91, Register 119
Authority: AS 21.06.090
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Last modified 7/05/2006