MS HB447

Removes the requirement that surplus lines insurance producers conduct a "diligent search" among admitted insurers before placing insurance with a surplus lines insurer.

Requires surplus lines insurance producers to provide an informational notice to insureds at the time of personal lines policy delivery addressing availability in the admitted market, lack of Guaranty Association protection, and other commissioner-determined disclosures.

Changes licensing requirements to allow surplus lines producers to be commissioned with one fire and casualty insurance company instead of two or more companies.

Eliminates the distinction between requirements for exempt commercial purchasers and other insureds regarding the diligent search requirement.

Takes effect July 1, 2017.