Section 3 AAC 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 (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 pro tection 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.(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 ad mitted market to cover the kind of insurance.Eff. 6/11/2006, Register 178; am 9/4/2014, Register 211, October 2014As 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).
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