A resident surplus line broker shall keep in this state complete records of the business transacted by him or her for California home state insureds with nonadmitted insurers under his or her license as a surplus line broker including all of the following documentation for each policy:
(a) Verification that the insured is a California home state insured.
(b) Verification that the commercial insured or industrial insured qualifies for the provisions of this code.
(c) Whether or not it is a single state policy or multistate policy.
(d) Where allocation of premium to the states is required, data necessary to make that allocation. A nonresident surplus line broker shall keep in the state where he or she is licensed as a resident surplus line broker complete records of the business transacted by him or her for California home state insureds with nonadmitted insurers under his or her California nonresident surplus line broker license, including subdivisions (a) to (d), inclusive. The commissioner may waive or modify any of the foregoing requirements by issuance of a notice published on the department’s Internet Web site.
(Amended by Stats. 2012, Ch. 162, Sec. 108. (SB 1171) Effective January 1, 2013.)
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