Waives diligent effort requirement for certain insurance placements by licensed excess line brokers with unauthorized insurers under specific.

This bill amends the insurance law to allow a waiver of the diligent effort requirement for certain insurance coverage placed by licensed excess line brokers with unauthorized insurers. This waiver applies when a retail producing insurance broker seeks to procure or place commercial lines insurance through an unaffiliated wholesale excess line insurance broker. The bill also defines terms such as "retail producing insurance broker" and "wholesale excess line insurance broker" and outlines conditions for brokers to be considered unaffiliated.

Waives diligent effort requirement for certain insurance placements by licensed excess line brokers with unauthorized insurers under specific.

This bill amends the insurance law to allow a waiver of the diligent effort requirement for certain insurance coverage placed by licensed excess line brokers with unauthorized insurers. This waiver applies when a retail producing insurance broker seeks to procure or place commercial lines insurance through an unaffiliated wholesale excess line insurance broker. The bill also defines terms such as "retail producing insurance broker" and "wholesale excess line insurance broker" and outlines conditions for brokers to be considered unaffiliated.