West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-20 - Surplus Lines Insurance
Section 114-20-8 - Conditions For Marketing Insurance With Surplus Lines Insurers
Universal Citation: 114 WV Code of State Rules 114-20-8
Current through Register Vol. XLI, No. 38, September 20, 2024
8.1. Producers may not solicit business on behalf of a surplus lines insurer. However:
8.1.a.
Producers may advertise the availability of insurance products for the insurance
coverages and classes included on the export list to potential insureds and other
producers.
8.1.b. Surplus lines
licensees may advertise their services and product lines to other
producers.
8.1.c. Such advertisements
shall identify the fact that the insurance will be placed with a surplus lines
insurer. The advertisements may not identify the insurer by name nor act as a
solicitation on behalf of any surplus lines insurer. The advertisements may not
identify specific rates or specific policy provisions.
8.2. Once negotiations over the available terms and conditions for specific coverages begin, at least the following facts must be disclosed in writing to the potential insured:
8.2.a. That the insurance will be placed through a
surplus lines insurer and the name of the insurer;
8.2.b. That the producer is not an agent of the
potential insurer because surplus lines insurers are not permitted to appoint
individual insurance producers;
8.2.c.
That the surplus lines market is a specialty market that has limited regulatory
oversight by the commissioner, and specifically, there is no regulation of policy
coverage forms or rates; and
8.2.d. That
no protection is afforded under any West Virginia guaranty fund mechanism.
8.3. Subject to the general provisions of W. Va. Code §§ 33-12C-1et seq., a surplus lines licensee may originate surplus lines insurance or accept applications for surplus lines insurance from any other producer duly licensed as to the kinds of insurance involved. The surplus lines licensee may compensate the producer.
Disclaimer: These regulations may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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