§431:8-310 Surplus lines broker license required; qualifications for license. (a) No person shall procure any contract of surplus lines insurance with an unauthorized insurer unless such person is licensed as a surplus lines broker.

(b) The commissioner shall issue a surplus lines broker license to any general agent licensed under article 9 when the agent has:

(1) Remitted the annual license fee to the commissioner as provided in article 7;

(2) Submitted a completed license application on a form furnished by the commissioner; and

(3) Filed with the commissioner, and maintains during the term of the license, in force and unimpaired, a bond in favor of this State in the sum of $100,000 with corporate sureties approved by the commissioner. The bond shall be conditioned that the broker will comply with this part and will promptly remit the taxes provided by section 431:8-315. No bond shall be terminated unless not less than sixty days prior written notice is given to the broker and the commissioner.

(c) Corporations, including foreign corporations, shall be eligible to be resident surplus lines brokers, upon the following conditions:

(1) The corporate licensee shall list individuals within the corporation who have satisfied all requirements of this part to become surplus lines brokers; and

(2) Only those individuals listed on the corporate license shall transact surplus lines business.

(d) Licensing procedure, duration and related matters are governed by article 9. [L 1987, c 347, pt of §2; am L 1993, c 205, §13]