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§ 8-106. Placement or acceptance of business by reinsurance intermediary

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 1. Broker Controlled Business (Refs & Annos)
MD Code, Insurance, § 8-106
§ 8-106. Placement or acceptance of business by reinsurance intermediary
Reinsurance intermediary defined
(a) In this section, “reinsurance intermediary” means a person that acts as an insurance producer in:
(1) soliciting, negotiating, or procuring a reinsurance contract or binder for a ceding insurer; or
(2) accepting a reinsurance contract or binder for an assuming insurer.
Reinsurance intermediary that makes complete written disclosure to parties
(b) This section does not apply to a reinsurance intermediary that makes a complete written disclosure to the parties of its relationship with the assuming or ceding insurer before completion of the transaction.
Reinsurance intermediary that has control of assuming insurer
(c) A reinsurance intermediary that has control of an assuming insurer may not directly or indirectly place insurance business with the assuming insurer in a transaction in which the reinsurance intermediary acts as an insurance producer for the ceding insurer.
Reinsurance intermediary that has control of ceding insurer
(d) A reinsurance intermediary that has control of a ceding insurer may not directly or indirectly accept business from the ceding insurer in a transaction in which the reinsurance intermediary acts as an insurance producer for the assuming insurer.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1996, c. 60, § 1, eff. Oct. 1, 1997; Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, §§ 661, 663.
MD Code, Insurance, § 8-106, MD INSURANCE § 8-106
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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