| SB 0605 | Modifies law regarding licensing of surplus lines insurance |
| Sponsor: | Jacob | |||
| LR Number: | 2170S.01T | Fiscal Note: | 2170-01 | |
| Committee: | Insurance and Housing | |||
| Last Action: | 07/12/01 - Signed by Governor | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2001 | |||
SB 605 - This act modifies the law regarding a surplus lines license. This act allows the Director of Insurance to issue a surplus lines license to any holder of a current resident or nonresident property and casualty license. Current law is limited to a resident holder of a property and casualty license. This act also reduces the amount of the bond a surplus lines licensee has to file from $10,000 to $1,000 or equal to the sum of the tax liability of the previous year, whichever is smaller.
Similar provisions are contained in HCS/SS/SB 193 (2001).
STEPHEN WITTE