Surplus line brokers.

Existing law limits the ability of a surplus line broker to place any coverage with a nonadmitted insurer, as specified. This bill would revise and recast the provisions governing surplus line brokers and nonadmitted insurers to make them consistent with the federal Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) , including, but not limited to, the duties, responsibilities, and licensure of surplus line brokers, taxation of surplus line insurance, and the eligibility of nonadmitted insurers to do business in this state. Certain provisions of the act would become operative on July 21, 2011. The bill would require that new or renewal policies, cancellations, or endorsements, and installment premiums be classified as provided for the purposes of addressing the requirements of Dodd-Frank, and these provisions would be inoperative as of October 18, 2012. The bill would also make conforming changes. This bill would declare that it is to take effect immediately as an urgency statute.