Limited Authorization To Transact

A. An insurer shall not issue creditor-placed insurance to a creditor unless the creditor has an insurable interest in the collateral. B. No insurer shall transact creditor-placed insurance without first having obtained from the superintendent a license to transact general casualty insurance or vehicle insurance in the case of motor vehicles or property insurance in the case of all other kinds of property. C. Creditor-placed insurance shall be either single interest insurance or limited dual interest insurance. D. Creditor-placed insurance shall not be transacted as inland marine insurance.