60K.47 LIABILITY FOR PLACING INSURANCE IN UNAUTHORIZED COMPANY.
Any person, whether or not licensed as an insurance producer, who participates in any
manner in the sale of any insurance policy or certificate, or any other contract providing benefits,
for or on behalf of any company that is required to be, but that is not authorized to engage in
the business of insurance in this state, other than pursuant to sections
60A.195 to
60A.209, is
personally liable for all premiums, whether earned or unearned, paid by the insured, and the
premiums may be recovered by the insured. In addition, that person is personally liable for any
loss the insured has sustained or may sustain if the loss is one resulting from a risk or hazard
covered in the issued policy, certificate, or contract, or which would have been covered if the
policy, certificate, or contract had been issued to the purchaser of the insurance.
History: 2001 c 117 art 1 s 18