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§ 321.5. Duties of insurers utilizing the services of a reinsurance intermediary-Broker

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article VII. Reinsurance Intermediaries (Refs & Annos)
40 P.S. § 321.5
§ 321.5. Duties of insurers utilizing the services of a reinsurance intermediary-Broker
Currentness
(a) An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf unless such person is licensed as required by section 702(a).1
(b) An insurer may not employ an individual who is employed by an RB with which it transacts business unless the RB is under common control with the insurer and subject to Article XII of the act of May 17, 1921 (P.L. 682, No. 284), known as “The Insurance Company Law of 1921.”2
(c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.

Credits

1921, May 17, P.L. 789, No. 285, art. VII, § 705, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.

Footnotes

1
40 P.S. § 321.2.
2
40 P.S. § 991.1201.
40 P.S. § 321.5, PA ST 40 P.S. § 321.5
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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