Does Delaware require “due diligence”?
Yes. Surplus lines insurance may be procured by SL brokers from non-admitted insurers only “…after diligent effort has been made to do so, from among the insurers authorized to transact and actually writing that kind and class of insurance in this State…” §1904 (2). Only after representatives of admitted companies have declined to accept the risk can the surplus lines broker place the business with a nonadmitted company.
Related Questions
- Does filing a certificate of conversion converting my Wisconsin corporation to a Delaware limited liability company require it to apply for registration as a foreign LLC?
- Does the Foreign Secretary of State of my Delaware Domestic LLC require notification if I change the Domestic jurisdiction of the LLC that owns my Delaware Domestic LLC?
- My Wisconsin corporation is merging into a Delaware LLC. Does that action require the Delaware LLC to obtain a certificate of registration in Wisconsin as a foreign LLC?
