1121

(1) A 'binder' is used to bind insurance temporarily pending the issuance of the policy. It may be oral or in writing. No binder shall be valid after the agreed date on it beyond the issuance of the policy for which it was given, or beyond such reasonable period as shall be established by rules and regulations promulgated by the Commissioner.\n(2) A binder shall include all the usual terms of the policy as to which the binder was given.\n(3) The Commissioner may suspend or revoke the license of any producer issuing or purporting to issue any binder as to any insurer named in the binder as to which he is not then authorized so to bind.\nHistory —Ins. Code § 11.210; July 23, 1974, No. 133, Part 1, p. 598, § 5; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.