Insurance; Unauthorized Insurers and Surplus Lines Insurance Act; surplus lines insurer; brokers; producers; agents; repealer; effective date.
Placed on General Order
Summary
The bill revises the Unauthorized Insurers and Surplus Lines Insurance Act, adding definitions, expanding prohibitions on representing non‑admitted insurers, and setting new capital, reporting and tax requirements for surplus‑lines brokers and eligible insurers. It requires brokers to deliver policies within 30 days, keep detailed records, and file annual electronic statements, while imposing civil and criminal penalties for violations. The changes would take effect on November 1, 2026.
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