(1) The commissioner and association shall jointly appoint a five-member committee to compile a list of the kinds of insurance which cannot be obtained from authorized insurers. Such committee shall meet at least semiannually and shall consist of four licensed surplus lines insurance producers and one staff member of the department of insurance, each serving until replaced by the commissioner.

(2) The committee shall make reasonable efforts to verify that the kinds of insurance included on its list cannot be obtained from authorized insurers, and the commissioner may add or delete kinds of insurance from the list submitted by the committee for his approval.

(3) The committee shall submit a new list to the commissioner for her approval on or before December 1 and June 1 of each year, and once approved the list shall be effective for the immediately following period January 1 through June 30 or July 1 through December 31, respectively. At the commissioner's request, the committee shall submit a new list in addition to the regularly scheduled semiannual lists, and once approved such additional list shall be effective for the remainder of the period January 1 through June 30 or July 1 through December 31 within which it was approved. Unless the commissioner expressly disapproves or alters the list within 30 days after its submission, it shall be deemed approved.

(4) Once approved, the list shall constitute a conclusive presumption within the meaning of 33-2-302, MCA, that any kind of insurance appearing thereon cannot be obtained from authorized insurers and does not require a diligent search by a licensed surplus lines insurance producer.