(a) No contract of insurance placed by a surplus lines licensee under this article shall be binding upon the insured and no premium or fee charged shall be due and payable until the surplus lines licensee shall have notified the insured in writing, in a form acceptable to the commissioner, a copy of which shall be maintained by the licensee with the records of the contract and available for possible examination, that:
(1) The insurer with which the licensee places the insurance is not licensed by this state and is not subject to its supervision; and
(2) In the event of the insolvency of the surplus lines insurer, losses will not be paid by the state insurance guaranty fund.
(b) Nothing herein contained shall nullify any agreement by any insurer to provide insurance.
Structure West Virginia Code
§33-12C-2. Purpose - Necessity for Regulation
§33-12C-4. Placement of Insurance Business
§33-12C-5. Surplus Lines Insurance
§33-12C-6. Withdrawal of Eligibility as a Surplus Lines Insurer
§33-12C-6a. Debris Removal Liens; Noncompliance; Penalties
§33-12C-8. Surplus Lines Licenses
§33-12C-9. Suspension, Revocation or Nonrenewal of Surplus Lines Licensee's License
§33-12C-10. Actions Against Eligible Surplus Lines Insurers Transacting Surplus Lines Business
§33-12C-11. Duty to File Evidence of Insurance and Affidavits
§33-12C-12. Evidence of the Insurance and Subsequent Changes to the Insurance
§33-12C-13. Licensee's Duty to Notify Insured
§33-12C-14. Effect of Payment to Surplus Lines Licensee
§33-12C-15. Surplus Lines Licensees May Accept Business From Other Producers
§33-12C-16. Records of Surplus Lines Licensee
§33-12C-17. Reports - Summary of Exported Business
§33-12C-20. Service of Process
§33-12C-21. Legal or Administrative Procedures
§33-12C-23. Suits by Nonadmitted Insurers
§33-12C-24. Countersignature Requirements
§33-12C-26. Coverage Must Be Placed in Solvent Insurer