(a) As used in this chapter:(a) “Eligible Surplus Lines Insurer” means an unauthorized insurer which in accordance with section 659 has been deemed eligible by the Commissioner of Insurance through the Division of Banking, Insurance and Financial Regulation to develop new coverages and to structure policies and premiums appropriate for risks. Surplus lines insurers are subject to the regulatory and solvency requirements of their domiciliary state or country.(b) “Home State” means, in accordance with Nonadmitted and Reinsurance Reform Act, (1) the state in which an insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence; or (2) if 100% of the insured risk is located out of the state, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated. If more than one insured from an affiliated group is a named insured on a single non-admitted insurance contract, the term “home state” means the home state, as determined pursuant to the foregoing, of the member of the affiliated group that has the largest percentage of premium attributable to it under the insurance contract.(c) “Surplus Lines Broker” means an individual licensed in accordance with the procedures set forth in section 656 to sell, solicit or negotiate insurance on properties, risks, or exposures located in the Territory with an unauthorized and surplus lines insurer, the insurance coverage of which cannot be procured from insurers admitted and licensed to do business in the Territory and who must comply with this chapter’s licensing, reporting and compliance requirements.(d) “Unauthorized and Surplus Lines Insurance” means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance.
(a) “Eligible Surplus Lines Insurer” means an unauthorized insurer which in accordance with section 659 has been deemed eligible by the Commissioner of Insurance through the Division of Banking, Insurance and Financial Regulation to develop new coverages and to structure policies and premiums appropriate for risks. Surplus lines insurers are subject to the regulatory and solvency requirements of their domiciliary state or country.
(b) “Home State” means, in accordance with Nonadmitted and Reinsurance Reform Act, (1) the state in which an insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence; or (2) if 100% of the insured risk is located out of the state, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated. If more than one insured from an affiliated group is a named insured on a single non-admitted insurance contract, the term “home state” means the home state, as determined pursuant to the foregoing, of the member of the affiliated group that has the largest percentage of premium attributable to it under the insurance contract.
(c) “Surplus Lines Broker” means an individual licensed in accordance with the procedures set forth in section 656 to sell, solicit or negotiate insurance on properties, risks, or exposures located in the Territory with an unauthorized and surplus lines insurer, the insurance coverage of which cannot be procured from insurers admitted and licensed to do business in the Territory and who must comply with this chapter’s licensing, reporting and compliance requirements.
(d) “Unauthorized and Surplus Lines Insurance” means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance.