1. A. Insurance contracts procured as surplus line coverage from surplus lines insurers in accordance with this article shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect as like contracts issued by admitted insurers.
2. B. Insurance contracts procured as surplus line coverage shall contain in bold-face type notification stamped by the surplus lines licensee or broker or surplus lines insurer on the declaration page of the policy that the contracts are not subject to the protection of any guaranty association in the event of liquidation or receivership of the surplus lines insurer. The Commissioner is hereby authorized to promulgate rules to establish further disclosure requirements for the purpose of protecting consumers of surplus line coverage.

Laws 1957, HB 501, p. 258, § 1109, emerg. eff. July 1, 1957; Amended by Laws 1986, HB 1983, c. 251, § 10, eff. November 1, 1986; Amended by Laws 1991, SB 175, c. 146, § 3, eff. September 1, 1991; Amended by Laws 2006, HB 2905, c. 264, § 27, emerg. eff. July 1, 2006 (superseded document available); Amended by Laws 2010, SB 2054, c. 222, § 18, eff. November 1, 2010 (superseded document available); Amended by Laws 2011, SB 778, c. 278, § 15; Amended by Laws 2011, HB 2072, c. 360, § 15 (superseded document available); Amended by Laws 2012, HB 2458, c. 45, § 12, emerg. eff. April 16, 2012 (superseded document available); Amended by Laws 2014, SB 1873, c. 415, § 2, emerg. eff. June 3, 2014 (superseded document available).