515.120 BUSINESS WITH NONADMITTED INSURERS.
This chapter does not prevent a licensed resident or nonresident
agent of this state, qualified to write excess and surplus lines
insurance, from procuring insurance in certain nonadmitted insurers
if such insurance is restricted to the type and kind of insurance
authorized by this chapter, excluding insurance authorized under
section 515.48, subsection 5, paragraph "a", and the agent makes
oath to the commissioner of insurance in the form prescribed by the
commissioner that the agent has made diligent effort to place the
insurance in authorized insurers and has either exhausted the
capacity of all authorized insurers or has been unable to obtain the
desired insurance in insurers licensed to transact business in this
state. The procuring of a contract of insurance in a nonadmitted
insurer makes the insurer liable for, and the agent shall pay, the
taxes on the premiums as if the insurer were duly authorized to
transact business in the state. A sworn report of all business
transacted by agents of this state in nonadmitted insurers shall be
made to the commissioner of insurance on or before March 1 of each
year for the preceding calendar year, on the form required by the
commissioner of insurance. The report shall be accompanied by a
remittance to cover the taxes on the premiums. An agent who makes
the oath, pays the taxes on the premiums, and files the report has
not written such contracts of insurance unlawfully, and is not
personally liable for the contracts. Section History: Early Form
[C66, 71, 73, 75, 77, 79, 81, § 515.147] Section History: Recent Form
90 Acts, ch 1234, § 41; 93 Acts, ch 88, §19; 2007 Acts, ch 152, §
48
CS2007, § 515.120
Referred to in § 507A.4, 515.121, 515.122, 515E.9, 522B.6 Footnotes
Former § 515.120 transferred to § 515.150; 2007 Acts, ch 152, § 31