HRS §431:8-307
Broker must tell you about unlicensed insurer
Before you owe any premium, the broker or producer must give you a written notice. The notice says the insurer is not licensed by Hawaii and is not supervised by the state. It also says that if the insurer goes broke, the state's guaranty funds will not pay your losses. The broker must keep a copy of the notice with the contract records.
borrowers
The statute, as written — Broker's duty to notify insured
No contract of insurance placed by a surplus lines broker under this part and no premium charged therefor shall be due and payable until the surplus lines broker, when business is originated by a surplus lines broker, or the producer, when business is referred to a surplus lines broker from a licensed producer, has notified the insured in writing that: (1) The insurer with which the surplus lines broker placed the insurance is not licensed by this State and is not subject to its supervision; and (2) In the event of the insolvency of the surplus lines insurer, losses will not be paid by any of the State's insurance guaranty funds. A copy of the notice shall be maintained by the broker with the records of the contract and available for examination. Nothing in this section shall nullify any agreement by any insurer to provide insurance.
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