Maine Revised Statutes Title 24-A Sec. 746 – Duties of insurers utilizing the services of a reinsurance intermediary-broker
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1. License requirements. An insurer may not engage the services of any person to act as a reinsurance intermediary-broker on the insurer’s behalf unless that person is licensed as required by this subchapter.
[PL 1991, c. 828, §20 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 746
- Insurer: means every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance who holds an existing certificate of authority to transact insurance in this State pursuant to section 404. See Maine Revised Statutes Title 24-A Sec. 741
- Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer 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 the insurer. See Maine Revised Statutes Title 24-A Sec. 741
2. Status of intermediary-broker. An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which the insurer transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to section 222.
[PL 1991, c. 828, §20 (NEW).]
3. Financial statements. The insurer shall annually obtain a copy of statements of current origin of the financial condition of each reinsurance intermediary-broker with which the insurer transacts business. These statements must be certified reports or reviews performed by a certified public accountant.
[PL 1991, c. 828, §20 (NEW).]
SECTION HISTORY
PL 1991, c. 828, §20 (NEW).