SOUTH CAROLINA Insurance Department, Columbia 10. May resident be licensed to place insurance with nonadmitted Secs. 203, 209, insurers? The holder of a broker's license must receive 210, 264. specific permission from the commissioner. Applicant for broker's license must file $5,000 bond (whether or not he is placing business with nonadmitted insurers). Fee for broker's license is $25 annually, expiring March 31. Broker must pay an additional license fee of 4 percent on premiums in nonadmitted carriers. (Prerequisite to obtaining broker's license, 2 years as a licensed resident agent.) 11. May nonresident be licensed for this purpose? No. SOUTH DAKOTA Commissioner of Insurance, Pierre 10. May resident be licensed to place insurance with nonadmitted Secs. 31.14A01 insurers? Yes. Applicant must file $2,000 bond. Fee is to 31.14A12. $25 annually, expiring May 1. Affidavit of nonavailability through admitted insurers required for each line prior to procurement. Tax, 21⁄2 percent of gross premiums. A surplus line licensee may accept business from any other duly licensed agent for an admitted company and may compensate him therefor. 11. May nonresident be licensed for this purpose? No. TENNESSEE Commissioner of Insurance and Banking, 114 State Office Building, Nashville 10. May resident be licensed to place insurance with nonadmitted insurers? Individual may petition commissioner directly for permission to place insurance with unauthorized insurer. As a condition to grant this permit, applicant must pay 22 percent of all fire premiums; 2 percent of casualty premiums paid. Permission to place insurance in unauthorized carriers is included in agent's authority. Affidavits must be filed with annual report which must be filed before March 1 of each year. 11. May nonresident be licensed for this purpose? Yes. Same conditions. 56-707, amended by ch. 296, 1959. TEXAS Board of Insurance Commissioners, State Office Building, Austin 10. May resident be licensed to place insurance with nonadmitted insurers? Yes. Affidavit must file $5,000 bond. Fee is $25 annually, expiring December 31. Affidavit of nonavailability through admitted insurers required for each line, to be filed with semiannual premium tax report. Tax, 5 percent of gross premiums. 11. May nonresident be licensed for this purpose? No. UTAH Insurance Commissioner, Salt Lake City Art. 21.38, sec. 2. Art. 21.11. 10. May resident be licensed to place insurance with nonadmitted 31-15-1 to insurers? Yes. Applicant must file $2,000 bond. Fee is 31-15-16. $25 annually. License expires March 1. Writing of sur- Secs. 4800, 4801. tificate must be countersigned by licensed Utah surplus line broker. For out-of-State producers, countersigning fee is 3 percent of premium ($50 maximum); for Utah producer this fee is 50 percent of commission or 5 percent of premium, whichever is greater. 11. May nonresident be licensed for this purpose? No. VERMONT Commissioner of Banking and Insurance, Montpelier 10. May resident be licensed to place insurance with nonadmitted insurers? Statute reads that commissioner may issue surplus line license "under such regulations as he may prescribe." Fee is $10 annually, if issued between April 1 and September 30 and $5 if issued between October 1 and March 31. License expires March 31. Quarterly report must be filed with commissioner showing exact amount of insurance placed, gross premium charged, etc. Tax, 3 per cent of gross premiums. Affidavit of nonavilability through admitted insurers required for each line. 11. May nonresident be licensed for this purpose? No. VIRGINIA Secs. 38.313.1 to 314.16. Sec. 38.1-326. 48.15.020, 48.15.040, 48.15.050, 48.15.070, 48.15.090, 48.15.100, 48.15.110, 48.15.120. 48.15.070. State Corporation Commission, Bureau of Insurance, Richmond 10. May resident be licensed to place insurance with nonadmitted insurers? Yes. Applicant must file $25,000 bond. Fee is $50 annually. License expires March 15. If application filed after September 15, fee is $25. Affidavit of nonavailability through admitted insurers must be filed for each line, not later than 15 days after procurement. Tax, 2 percent of gross premium. Licensed surplus line brokers may accept and place surplus line business for any insurance agent or broker licensed in the State for the kind of insurance involved, and may compensate such agent or broker therefor. 11. May nonresident be licensed for this purpose? No. WASHINGTON Office of Insurance Commissioner 10. May resident be licensed to place insurance with nonadmitted insurers? Yes. Applicant must file $5,000 bond. Fee is $100 annually, expiring 1 year from date of issuance. Affidavit of nonavailability through admitted insurers must be filed for each line not later than 30 days after procurement. Broker must ascertain that nonadmitted insurer meets required capital and surplus requirements. Tax, 2 percent of gross premium plus three-fourths of 1 percent examination fee payable to Washington Surplus Line Association. Licensed surplus line broker may accept and place surplus line business for any insurance agent or broker licensed in the State for the kind of insurance involved, and may compensate such agent or broker therefor. 11. May nonresident be licensed for this purpose? Yes. But nonresident doing surplus line business must maintain an office in Washington. WEST VIRGINIA State Office Building, Insurance Department, Charleston 10. May resident be licensed to place insurance with nonadmitted 33-12-13, sec. 3410. insurers? Yes. Applicant must file $2,000 bond. Fee is $50 annually, expiring March 31. Affidavit of nonavailability through admitted insurers must be field for each line not later than 30 days after procurement. Tax, 2 percent of gross premiums. Excess line broker may be held personally liable for all surplus line business placed by him. 11. May nonresident be licensed for this purpose? Yes. Must Supra. maintain an office in West Virginia, and under same conditions as for residents. WISCONSIN Department of Insurance, Madison 10. May resident be licensed to place insurance with nonadmitted 201.63. WYOMING Insurance Commissioner, Cheyenne and 26-43. 10. May resident be licensed to place insurance with nonadmitted Secs. 39-206 insurers? Wyoming department apparently condones the placing of surplus line business, even though the law appears to be contradictory, as being in the public interest. Business is placed through resident agents who may receive commission. Section 39-206 provides for the taxation of surplus line business placed with unlicensed insurers at the rate of 5 percent, although section 26-43 appears to prohibit the placing of any insurance in unlicensed insurers. 11. May nonresident be licensed for this purpose? No. ATTACHMENTS TO STATEMENT OF LUKE LYNCH EXHIBIT A MARINE TREATIES PLACED THROUGH J. K. SEEAR, 1956 THROUGH 1961 1956 AX-5137-Surplus Hull and Cargo Treaty. AX-5141 AX-5145—Excess of Loss Treaty protecting the McKinley Pool Companies. 1957 AX-5175— (Replacing AX-5137) Hull and Cargo Surplus Treaty. AX-5141 AX-5145-Excess of Loss Treaty protecting the McKinley Pool Companies. Yachts. 1958 AX-5212-(Replacing AX-5175) Hull and Cargo Surplus Treaty. AX-5214-(Replacing AX-5141 and AX-5145) Excess of Loss Treaty protecting the McKinley Pool Companies. AX-5213-(Replacing AX-5176) Excess Protection and Indemnity Treaty for Yachts. 1959 AX-5237-70% Quota Share Treaty for Hull and Cargo. AX-5239-Excess of Loss protecting the Domestic Pool Companies and their AX-5240-Excess Protection and Indemnity Treaty for Yachts. 1960 AX-5265-(Replacing AX-5237) 70% Quota Share Treaty for Hull and Cargo. AX-5268-(Replacing AX-5240) Excess Protection and Indemnity Treaty for Yachts. 1961 AX-5300-70% General Quota Share Treaty excluding Fishing Vessels. AX-5302—(Replacing AX-5266) Surplus Treaty for Hull and Cargo. AX-5303-(Replacing AX-5267) Excess of Loss protecting the Domestic Pool Companies and their Quota Share Reinsurers. AX-5304 (Replacing AX-5268) Excess Protection and Indemnity Treaty for Yachts. MCKINLEY & COMPANY'S INLAND MARINE TREATY PLACED THROUGH J. K. SEEAR, 1956 THROUGH 1961 1956 AX-5139-First Surplus Inland Marine Treaty. AX-5166-Excess of Loss Inland Marine Treaty protecting the McKinley Pool Companies. 1957 AX-5177-(Replacing AX-5139) First Surplus Inland Marine Treaty. AX-5166-Excess of Loss Inland Marine Treaty protecting the McKinley Pool Companies. AX-5168-Quota Share Treaty in respect of bridges, etc. AX-5170-Surplus Treaty in respect of bridges, etc. 1958 AX-5221-(Replacing AX-5177) First Surplus Inland Marine Treaty. AX-5222—(Replacing AX-5166) Excess of Loss Inland Marine Treaty protecting the McKinley Pool Companies. AX-5223-(Replacing AX-5168) Quota Share Treaty in respect of bridges, etc. AX-5224-(Replacing AX-5170) Surplus Treaty in respect of bridges, etc. 1959 AX-5251-80% Quota Share Treaty in respect of McKinley & Company's Groups' entire Inland Marine Account. AX-5248-Excess of Loss Treaty protecting the McKinley & Company's Pool Companies. AX-5258-Quota Share Bridge Treaty, etc. AX-5257-Surplus Bridge Treaty, etc. 1960 AX-5271-(Replacing AX-5251) 80% Quota Share Treaty in respect of McKinley & Company's Groups' entire Inland Marine Account. AX-5272-(Replacing AX-5348) Excess of Loss Treaty protecting the McKinley & Company's Pool Companies. AX-5273 (Replacing AX-5258) Quota Share Bridge Treaty, etc. 1961 AX-5308-(Replacing AX-5271) 80% Quota Share Treaty in respect of Mc- AX-5310-(Replacing AX-5273) Quota Share Bridge Treaty, etc. EXHIBIT B MARINE TREATIES PLACED THROUGH ARBON LANGRISH, 1961 THROUGH 1963 1961 STOCK POOL 61/777-General Hull and Cargo 70% Quota Share Treaty (Limited to Vessels of American-Flag Ownership or Management only, also excluding Fishing Vessels). 1962 STOCK POOL 62/778-45% Quota Share on Fishing Vessels. 62/779-First Surplus Hull and Cargo Treaty (Surplus to 61/777). 62/781-Excess of Loss Treaty protecting the McKinley Pool Companies. 62/783-Excess Protection and Indemnity Treaty for Yachts. 62/776-70% Hull Quota Share covering Non-American-Flag Ownership or Management Vessels only. 62/780-Special Additional Quota Share (Same Terms as 62/776). 1963 STOCK POOL 63/777—(Replacing 61/777) General Hull and Cargo 70% Quota Share Treaty (Limited to Vessels of American-Flag Ownership or Management only, also excluding Fishing Vessels). 63/778 63/779 (Replacing 62/778) 45% Quota Share on Fishing Vessels. (Replacing 62/779) First Surplus Hull and Cargo Treaty (Surplus to 63/777). 63/781—(Replacing 62/781) Excess of Loss Treaty protecting the McKinley Pool Companies. 63/783-(Replacing 62/783) Excess Protection and Indemnity Treaty for Yachts. 63/776—(Replacing 62/776) 70% Hull Quota Share covering Non-AmericanFlag Ownership or Management Vessels only. 63/780 (Replacing 62/780) Special Additional Quota Share (Same Terms as 63/776). 1961 MUTUAL POOL 61/750 General Hull and Cargo 50% Quota Share. 61-2/752-First Surplus Hull and Cargo Treaty (Surplus to 61/750). 1962 MUTUAL POOL 62/754-Excess of Loss protecting the McKinley's Mutual Pool Companies. |