A. No surplus lines broker may accept a payment of premium for issuance of surplus lines insurance before placing the insurance with an eligible nonadmitted insurer.
B. A payment of premium to a surplus lines broker shall be deemed to be payment to the insurer notwithstanding any policy conditions or stipulations to the contrary.
1986, c. 562; 2018, c. 205.
Structure Code of Virginia
Chapter 48 - Surplus Lines Insurance Law
§ 38.2-4805.1. Application of chapter
§ 38.2-4807. Licensees to keep records and file annual statement of policies
§ 38.2-4808. Effect of payment to surplus lines broker
§ 38.2-4809. Licensees to pay license taxes on insurers
§ 38.2-4809.1. Licensees to pay assessments on insurers
§ 38.2-4811. Surplus lines coverage to be placed with eligible nonadmitted insurers
§ 38.2-4811.1. Surplus lines coverage placed with domestic surplus lines insurers
§ 38.2-4812. Surplus lines insurers subject to Unlicensed Insurers Process
§ 38.2-4813. Commission to make rules and regulations