Section 384.025

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 384

Effective - 28 Aug 2009   

  384.025.  Ineligibility of nonadmitted insurer, grounds, when — notice to licensees. — 1.  If at any time the director has reason to believe that an eligible surplus lines insurer:

  (1)  Is in unsound financial condition;

  (2)  Is no longer eligible under section 384.021;

  (3)  Has willfully violated the laws of this state; or

  (4)  Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; the director may declare it ineligible.

  2.  The director shall promptly publish notice of all such declarations in any public electronic format.

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(L. 1987 H.B. 700 § 5, A.L. 2009 H.B. 577)