Home Table of Contents

§ 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
Currentness
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 April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document