§ 8-520. Duties of reinsurers
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 8-520
§ 8-520. Duties of reinsurers
(a)(1) In this subsection, “actuary” means an individual who is a member in good standing of the American Academy of Actuaries.
(b)(1) A reinsurer may not engage the services of a person to act as a reinsurance manager on its behalf unless the person has complied with this subtitle.
(2) Unless the relationship between the reinsurer and the reinsurance manager is controlled by and disclosed under § 8-106 of this title or Title 7, Subtitles 6 and 7 of this article, a reinsurer may not have on its board of directors an officer, director, employee, agent, or controlling shareholder of its reinsurance manager.
(c) The binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who is not affiliated with the reinsurance manager.
(d)(1) Subject to the hearing provisions of Title 2 of this article, if a reinsurer violates any provision of this subtitle, the reinsurer may be:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 714, 728.
MD Code, Insurance, § 8-520, MD INSURANCE § 8-520
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |