Section 27-10-23

Validity and enforceability of surplus line contracts.

Insurance contracts procured as "surplus line" coverages from unauthorized insurers in accordance with this article shall be fully valid and enforceable as to all parties and shall be given acceptance and recognition in all matters and respects to the same effect and extent as like contracts issued by authorized insurers.

(Acts 1963, No. 521, p. 1112, §10; Acts 1971, No. 407, p. 707, §198.)