1014

In connection with the transaction of surplus line insurance, the broker shall:\n(1) Ascertain the insuring powers and financial condition of the insurer, and place such coverage only in an insurer empowered to issue the kind of insurance applied for and having a surplus as to policyholders in amount of at least three hundred thousand dollars ($300,000).\n(2) Keep in his office a full record of the circumstances and details of each surplus line contract procured by him and of subsequent matters related thereto, which record shall be retained for at least five years from date of the contract, and shall be subject to the Commissioner’s inspection at any time.\n(3) Report to the Commissioner, on forms such as are used with respect to authorized insurers, any loss occurring under a surplus line coverage procured by him.\nHistory —Ins. Code § 10.140.