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§ 8-519. Duties of authorized insurers

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 5. Reinsurance Intermediaries (Refs & Annos)
MD Code, Insurance, § 8-519
§ 8-519. Duties of authorized insurers
Financial statements of reinsurance brokers
(a) An authorized insurer shall obtain annually a copy of statements of the financial condition of each reinsurance broker that transacts business with the authorized insurer.
Services provided by reinsurance brokers
(b) An authorized insurer may not:
(1) engage the services of a person to act as a reinsurance broker on its behalf unless the person has complied with this subtitle; or
(2) employ an individual who also is employed by a reinsurance broker that transacts business with the authorized insurer, unless the reinsurance broker is under common control with the authorized insurer and is subject to Title 7 of this article.
Discipline and penalties
(c) An authorized insurer that violates any provision of this subtitle is subject to the disciplinary and penalty provisions of §§ 4-113 and 4-114 of this article.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 725.
MD Code, Insurance, § 8-519, MD INSURANCE § 8-519
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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