(a) The broker shall ascertain the financial condition of the unauthorized insurer before placing insurance with the unauthorized insurer and shall not place surplus line insurance with any insurer who does not meet, according to current available reliable financial information, the requirements provided in subsection (b) of this Code section.

(b) The broker shall so insure only:

(1) With a foreign insurer having capital and surplus amounting to at least $3 million;

(2) With an alien insurer which has been established for at least ten years and which has at least $10 million in capital and surplus, unless the character, trustworthiness, and financial integrity of an alien insurer is of such a nature that it would be in the best interests of the policyholders and the general public to use such insurer in accordance with standards prescribed by rules and regulations of the Commissioner;

(3) With any group of foreign or alien individual underwriters, including, but not limited to, any Lloyd's group, or with a group including incorporated and individual unincorporated underwriters, the incorporated members of which shall not be engaged in any business other than underwriting as a member of the group and shall be subject to the level of solvency regulation and control by the group's domiciliary regulator as are the unincorporated members, if such group maintains a trust or security fund of at least ten million United States dollars as security to the full amount thereof for all policyholders and creditors in the United States of each member of the group; or

(4) With an insurer described in paragraph (1) or (2) of this subsection which annually furnishes to the broker a copy of the insurer's current annual statement.

(c) For any violation of this Code section, a broker's license may be suspended or revoked as provided in Code Section 33-5-23.