A purchasing group shall not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not licensed to transact insurance in this state, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of this state. A nonresident person may be licensed as a surplus line broker only for purposes of placing insurance on behalf of a purchasing group.

Laws 1987, HB 1314, c. 157, § 9, emerg. eff. June 25, 1987; Amended by Laws 1991, SB 175, c. 146, § 7, eff. September 1, 1991.