Indiana Code 27-6-9-7. Reinsurance intermediary-broker
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Terms Used In Indiana Code 27-6-9-7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- insurer: means any person, firm, association or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer. See Indiana Code 27-6-9-4
Sec. 7. As used in this chapter, “reinsurance intermediary-broker” or, “RB” means any person, other than an officer or employee of the ceding insurer, “firm,” association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of that insurer.
As added by P.L.26-1991, SEC.26.