MS SB2628

Requires surplus lines insurance producers to execute a form promulgated by the Commissioner of Insurance detailing why insurance could not be placed in the admitted market after diligent effort.

Mandates surplus lines insurance producers maintain the form on file and make it available for review by the Commissioner of Insurance upon request.

Exempts surplus lines insurance producers from conducting due diligence searches for exempt commercial purchasers, provided the producer discloses that admitted market insurance may be available with greater protection and regulatory oversight, and the purchaser requests nonadmitted insurance in writing.

Defines "exempt commercial purchaser" as entities with a qualified risk manager, aggregate commercial insurance premiums exceeding $100,000 in the preceding 12 months, and meeting financial thresholds including net worth over $20 million, annual revenues over $50 million, 500+ employees, or other criteria.

Takes effect July 1, 2012.