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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1591

SEC. 525. STREAMLINED APPLICATION FOR COMMERCIAL PUR- 15 USC 8205.
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 Written request.
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.

LAWS SEC. 527. DEFINITIONS. 15 USC 8206. For purposes of this part, the following definitions shall apply:PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00217 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203