15-U.S.C.-8205

§8205 – Streamlined Application For Commercial Purchasers

Pathway

Title 15 > Chapter 108 > Subchapter I > Section 8205

Details

• Reference: Section 8205
• Legend: §8205 – Streamlined Application For Commercial Purchasers
• USCode Year: 2013

Provision Content

A surplus lines broker seeking to procure or place nonadmitted insurance in a State for an exempt commercial purchaser shall not be required to satisfy any State requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers if—

(1) the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and

(2) the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.

(Pub. L. 111–203, title V, §525, July 21, 2010, 124 Stat. 1591.)

U.S. Encyclopedia of Law Coverage

15-U.S.C.-8113 in the Legal Encyclopedia: Trade Law

In this entry about 15-U.S.C.-8113, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.

12-U.S.C.-353 in the Legal Encyclopedia: Insurance

In this entry about 12-U.S.C.-353, find legal reference material, bibliographies and premiere content related to insurance in the American Encyclopedia of Law, presenting a comprehensive view of the United States insurance-specific issues, written by authorities in the field.

Topic Map

• Browse the Topic Map in relation with Title 15 (Commerce And Trade) guided by subject interests.