SB 0605 Modifies law regarding licensing of surplus lines insurance
LR Number:2170S.01T Fiscal Note:2170-01
Committee:Insurance and Housing
Last Action:07/12/01 - Signed by Governor Journal page:
Effective Date:August 28, 2001
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Current Bill Summary

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).