(a) If certain insurance coverages cannot be procured from authorized insurers, such coverages, hereinafter designated as “surplus lines,” may be procured from unauthorized insurers subject to the following conditions:(1) the insurance must be procured through a licensed surplus line broker; and(2) a diligent search for homeowner’s insurance and other types of personal lines insurance products that are permissible to export to the surplus lines market must be made by a licensed surplus lines broker with only two authorized admitted insurers before placing the coverage with an eligible surplus lines insurer. Pursuant to 20 V.I.C. § 707, compulsory automobile liability insurance must be provided by an admitted insurer and therefore may not be exported to the surplus lines market.(A) There shall be only one diligent search requirement before a request for small commercial property and casualty insurance coverage can be placed with an eligible surplus lines insurer in the Territory.(B) There shall be no diligent search requirement with an admitted insurer prior to placement of a request for large commercial property and casualty insurance coverage with an eligible surplus lines insurer.(C) As used in this paragraph, large commercial property and casualty insurance means coverage with an annual premium in excess of $35,000.00 while small commercial property and casualty insurance is defined as coverage with an annual premium less than $35,000.00.
(1) the insurance must be procured through a licensed surplus line broker; and
(2) a diligent search for homeowner’s insurance and other types of personal lines insurance products that are permissible to export to the surplus lines market must be made by a licensed surplus lines broker with only two authorized admitted insurers before placing the coverage with an eligible surplus lines insurer. Pursuant to 20 V.I.C. § 707, compulsory automobile liability insurance must be provided by an admitted insurer and therefore may not be exported to the surplus lines market.(A) There shall be only one diligent search requirement before a request for small commercial property and casualty insurance coverage can be placed with an eligible surplus lines insurer in the Territory.(B) There shall be no diligent search requirement with an admitted insurer prior to placement of a request for large commercial property and casualty insurance coverage with an eligible surplus lines insurer.(C) As used in this paragraph, large commercial property and casualty insurance means coverage with an annual premium in excess of $35,000.00 while small commercial property and casualty insurance is defined as coverage with an annual premium less than $35,000.00.
(A) There shall be only one diligent search requirement before a request for small commercial property and casualty insurance coverage can be placed with an eligible surplus lines insurer in the Territory.
(B) There shall be no diligent search requirement with an admitted insurer prior to placement of a request for large commercial property and casualty insurance coverage with an eligible surplus lines insurer.
(C) As used in this paragraph, large commercial property and casualty insurance means coverage with an annual premium in excess of $35,000.00 while small commercial property and casualty insurance is defined as coverage with an annual premium less than $35,000.00.
(b) Within 30 days after the procuring of any surplus line insurance, the surplus line broker must execute and shall file with the Commissioner:(1) a written report, which shall be kept confidential and which shall include the following:(A) the name and address of the insured;(B) the identity of the insurer or insurers;(C) a description of the subject and location of the risk;(D) the amount of premium charged for the insurance; and(E) such other pertinent information as the Commissioner may reasonably require; and(2) an affidavit setting forth the facts referred to in subsection (a), paragraph (2), of this section. Such affidavit shall be open to public inspection.
(1) a written report, which shall be kept confidential and which shall include the following:(A) the name and address of the insured;(B) the identity of the insurer or insurers;(C) a description of the subject and location of the risk;(D) the amount of premium charged for the insurance; and(E) such other pertinent information as the Commissioner may reasonably require; and
(A) the name and address of the insured;
(B) the identity of the insurer or insurers;
(C) a description of the subject and location of the risk;
(D) the amount of premium charged for the insurance; and
(E) such other pertinent information as the Commissioner may reasonably require; and
(2) an affidavit setting forth the facts referred to in subsection (a), paragraph (2), of this section. Such affidavit shall be open to public inspection.
(c) Every surplus lines insurer shall submit to the Division for reconciliation purposes and as a part of the renewal review of surplus lines activity conducted in the Territory, an Annual Premiums Written Report segregated by the activity of each of its licensed surplus lines brokers. The Annual Premiums Written Report must include: the insured’s name; the policy number; the effective date of and the expiration date of the policy; the type of risk; the location of risk or the address of the risk; the premium amount, and the coverage amount or the exposure.