Purchase from risk retention group not chartered or insurer not admitted in state prohibited--Exception

A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed insurance producer acting pursuant to the surplus lines laws and regulations of such state. Source: SL 1988, ch 392 , § 9; SL 2001, ch 286 , § 92.