General Assembly Substitute Bill No. 6379
January Session, 2013 *_____HB06379INS___031513____*
General Assembly
Substitute Bill No. 6379
January Session, 2013
*_____HB06379INS___031513____*
AN ACT CONCERNING SURPLUS LINES INSURANCE BROKERS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subdivision (1) of subsection (b) of section 38a-741 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(b) (1) When any policy of insurance is procured or renewed under the authority of such license providing a line of insurance or its component that does not, on the effective date of coverage, appear on the current published list, both the licensee and the insured shall [execute affidavits] write signed statements setting forth facts showing that such licensee and such insured were unable after diligent effort to procure, from any authorized insurer or insurers, the full amount of insurance required to protect the interest of such insured, and further showing (A) that the amount of insurance procured from an unauthorized insurer or insurers is only the excess over the amount so procurable from authorized insurers, (B) the type of policy, and (C) if such policy is for real property, the location of such property. With respect to a homeowners insurance policy, "diligent effort" means such licensee received at least six declinations from authorized insurers for such coverage. Such licensee shall file such [affidavits] signed statements in electronic format with the commissioner [not later than forty-five days after such policies have been procured] on February first, May first, August first and November first of each year.
Sec. 2. Section 38a-777 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
Any licensee under sections 38a-741 to 38a-744, inclusive, as amended by this act, or section 38a-794 who negotiates, continues or renews any contract for insurance in any unauthorized company, and who [neglects] fails to make and file the [affidavit and] statements required [by said sections] under section 38a-741, as amended by this act, or who wilfully makes a false [affidavit or] statement, or who negotiates, continues or renews any such contract of insurance after the revocation or during the suspension of the licensee's license, shall forfeit the license if not previously revoked and shall be fined not more than four thousand dollars or imprisoned not more than six months, or both.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage 38a-741(b)(1)
Sec. 2 from passage 38a-777
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
38a-741(b)(1)
Sec. 2
from passage
38a-777
INS Joint Favorable Subst.
INS
Joint Favorable Subst.