Section 3.25.035. Documentation.

	(a)  A producing broker and the surplus lines broker shall retain in the insured's file an acceptable form of documentation to establish that the producing broker and the surplus lines broker have complied with AS 21.34.020 and 3 AAC 25.010(a). An acceptable form of documentation required by this subsection includes  
		(1) documentation of declinations from admitted insurers;  
		(2) evidence that the full amount, kind, or class of insurance could not be obtained from admitted insurers;  
		(3) affirmation that the coverage is on the director's current surplus lines placement list under 3 AAC 25.040; or  
		(4) an exception from the director under AS 21.34.020(a)(4).  
		(5) documentation that  
			(A) the broker procuring or placing the surplus lines insurance has disclosed to an exempt commercial purchaser that insurance may be available from the admitted market that may provide greater protection with more regulatory oversight; and  
			(B) the exempt commercial purchaser has requested in writing that the broker procure or place the insurance from a nonadmitted insurer.  
	(b)  A declination from an insurer for a class of insurance may be cited for other insureds for no more than 180 days.  
	(c)  To be an acceptable form of documentation under (a)(1) of this section, an oral declination must be documented in writing and include the name, business location, and phone number of the insurer, the name and position of the person contacted, the date of contact, and the reason for the declination.  
	(d)  A producing broker shall include in the documentation required under (a) of this section a description of the kind of insurance that is adequate for the director to determine whether insurance coverage is available in the admitted market to cover the kind of insurance.  

Authorities

21.06.090;21.27.350;21.34.020;21.34.060;21.34.250;21.36.195;44.62.125

Notes

Reference

3 AAC 25.010
3 AAC 25.120

Authority

AS 21.06.090 AS 21.27.350 AS 21.34.020 AS 21.34.060 AS 21.34.250 AS 21.36.195 Editor's note: As of Register 195 (October 2010), the regulations attorney made a technical revision under AS 44.62.125(b)(6), to 3 AAC 25.035(a).

History

Eff. 6/11/2006, Register 178; am 9/4/2014, Register 211

References

3.25.035