Title 15 — Commerce and TradeRelease 119-73not60
§8205 Streamlined Application for Commercial Purchasers
Title 15 › Chapter 108— STATE-BASED INSURANCE REFORM › Subchapter I— NONADMITTED INSURANCE › § 8205
Summary
A surplus lines broker need not do a State-required search to see if admitted insurers can provide the same coverage for an exempt commercial purchaser if (1) the broker told the purchaser that admitted insurers may offer greater protection and oversight; and (2) the purchaser asked in writing for the insurance from a nonadmitted insurer.
Full Legal Text
Title 15, §8205
Commerce and Trade — Source: USLM XML via OLRC
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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 8205
Title 15 — Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60