Current with changes from the 2024 Legislative Session
Section 23-302 - Copies of premium finance agreements(a) A copy of each premium finance agreement or other notice of a premium finance agreement that describes the policy or policies involved shall be given to the agency issuing the policy or policies or to the insurers involved.(b)(1) If a policy is procured through a surplus lines broker licensed in the State, and payment is not made directly to the surplus lines broker or the insurer, a copy of the premium finance agreement or other notice of the premium finance agreement shall be sent to the surplus lines broker by the insurance producer or premium finance company.(2) A premium finance company may require an insurance producer who procures premium financing to: (i) send to the surplus lines broker the notice required under paragraph (1) of this subsection within 10 business days of the execution of a premium finance agreement; and(ii) provide to the premium finance company, within 10 business days of receipt of a policy, the insurer's name, policy number, and any other information necessary to complete a premium finance agreement.(c) When a premium finance agreement is signed, the premium finance company, or the insurance producer, if applicable, shall provide the insured with, or cause the insured to be provided with, a legible copy of the fully completed and executed premium finance agreement.