§ 322.4. Prohibited Acts
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 322.4
§ 322.4. Prohibited Acts
An MGA shall not:
(1) Bind reinsurance or retrocessions on behalf of the insurer except that the MGA may bind facultative reinsurance contracts pursuant to obligatory facultative agreements if the contract with the insurer contains reinsurance underwriting guidelines, including, for both reinsurance assumed and ceded, a list of reinsurers with which such automatic agreements are in effect, the coverages and amounts or percentages that may be reinsured and the commission schedules.
Credits
1921, May 17, P.L. 789, No. 285, art. VIII, § 804, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.
40 P.S. § 322.4, PA ST 40 P.S. § 322.4
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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