Section 230-RICR-20-50-1.6 - AffidavitsA. The Broker and the insured shall execute affidavits on each risk, other than those risks exempted by R.I. Gen. Laws § 27-3-38(c) and § 1.5(E) of this Part, placed with an Approved Surplus Line Insurer in a form substantially similar to that provided in a bulletin promulgated for that purpose.B. If the Affidavit provided in a bulletin promulgated for that purpose is modified to allow for electronic transactions all of the following must be included in the form provided in a bulletin promulgated for that purpose or the affidavit will not be considered substantially similar: 1. A statement by the surplus line broker that (s)he has conducted a diligent search and has been unable to place the insurance with a licensed insurer;2. A statement by the surplus line broker identifying the three insurers that declined the risk;3. A statement by the surplus line broker identifying the risk insured, the company issuing the policy, the amount of insurance, the line of business, the policy number, term and expiration date and the premium. The line of business shall be identified as one of the following: automobile, homeowner, commercial property, commercial automobile, medical malpractice, workers compensation, other personal and other commercial;4. A statement from the insured indicating that he has been provided with all of the information in §§ 1.6(B)(1), (2) and (3) of this Part above and containing the following in all caps, minimum 10-point type, immediately before the insured's signature: NOTICE THIS INSURANCE CONTRACT HAS BEEN PLACED WITH AN INSURER NOT LICENSED TO DO BUSINESS IN THE STATE OF RHODE ISLAND BUT APPROVED AS A SURPLUS LINES INSURER. THE INSURER IS NOT A MEMBER OF THE RHODE ISLAND INSURERS INSOLVENCY FUND. SHOULD THE INSURER BECOME INSOLVENT, THE PROTECTION AND BENEFITS OF THE RHODE ISLAND INSURERS INSOLVENCY FUND ARE NOT AVAILABLE. |
C. The Broker's record shall be open to the examination of the Department and/or the Tax Administrator at all reasonable times. Records should be maintained in accordance with Subchapter 60 Part 4 of this Chapter.D. Rhode Island does not accept "courtesy filings." The Broker who places or procures the insurance shall be the signatory on the Affidavit. All persons, regardless of state of residence, may apply to be a Broker.230 R.I. Code R. 230-RICR-20-50-1.6