Page:United States Statutes at Large Volume 124.djvu/1617

124 STAT. 1591 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 525. STREAMLINED APPLICATION FOR COMMERCIAL PUR- CHASERS. A surplus lines broker seeking to procure or place nonadmitted insurance in a State for an exempt commercial purchaser shall not be required to satisfy any State requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers if— (1) the broker procuring or placing the surplus lines insur- ance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regu- latory oversight; and (2) the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insur- ance from a nonadmitted insurer. SEC. 526. GAO STUDY OF NONADMITTED INSURANCE MARKET. (a) IN GENERAL.—The Comptroller General of the United States shall conduct a study of the nonadmitted insurance market to determine the effect of the enactment of this part on the size and market share of the nonadmitted insurance market for pro- viding coverage typically provided by the admitted insurance market. (b) CONTENTS.—The study shall determine and analyze— (1) the change in the size and market share of the non- admitted insurance market and in the number of insurance companies and insurance holding companies providing such business in the 18-month period that begins upon the effective date of this subtitle; (2) the extent to which insurance coverage typically pro- vided by the admitted insurance market has shifted to the nonadmitted insurance market; (3) the consequences of any change in the size and market share of the nonadmitted insurance market, including dif- ferences in the price and availability of coverage available in both the admitted and nonadmitted insurance markets; (4) the extent to which insurance companies and insurance holding companies that provide both admitted and nonadmitted insurance have experienced shifts in the volume of business between admitted and nonadmitted insurance; and (5) the extent to which there has been a change in the number of individuals who have nonadmitted insurance poli- cies, the type of coverage provided under such policies, and whether such coverage is available in the admitted insurance market. (c) CONSULTATION WITH NAIC.—In conducting the study under this section, the Comptroller General shall consult with the NAIC. (d) REPORT.—The Comptroller General shall complete the study under this section and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives regarding the findings of the study not later than 30 months after the effective date of this subtitle. SEC. 527. DEFINITIONS. For purposes of this part, the following definitions shall apply: 15 USC 8206. Written request. 15 USC 8205.