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§ 321.2. Licensure

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. § 321.2
§ 321.2. Licensure
Currentness
(a) No person, firm, association or corporation shall act as an RB in this Commonwealth if the RB maintains an office either directly or as a member or employe of a firm or association or an officer, director or employe of a corporation:
(1) in this Commonwealth unless the RB is a licensed producer in this Commonwealth; or
(2) in another state unless the RB is a licensed producer in this Commonwealth or another state having a law substantially similar to this article or the RB is licensed in this Commonwealth as a nonresident reinsurance intermediary.
(b) No person, firm, association or corporation shall act as an RM:
(1) For a reinsurer domiciled in this Commonwealth unless the RM is a licensed producer in this Commonwealth.
(2) In this Commonwealth if the RM maintains an office either directly or as a member or employe of a firm or association or an officer, director or employe of a corporation in this Commonwealth unless the RM is a licensed producer in this Commonwealth.
(3) In another state for a nondomestic insurer unless the RM is a licensed producer in this Commonwealth or another state having a law substantially similar to this article or the person is licensed in this Commonwealth as a nonresident reinsurance intermediary.
(c) The department may require an RM subject to subsection (b) to:
(1) file a bond in an amount from an insurer acceptable to the department for the protection of the reinsurer; and
(2) maintain an errors and omissions policy in an amount acceptable to the department.
(d) The department may issue a reinsurance intermediary license to any person, firm, association or corporation who has complied with the requirements of this article. Any such license issued to a firm or association will authorize all the members of such firm or association and any designated employes to act as reinsurance intermediaries under the license, and all such persons shall be named in the application and any supplements thereto. Any such license issued to a corporation shall authorize all of the officers and any designated employes and directors thereof to act as reinsurance intermediaries on behalf of that corporation, and all such persons shall be named in the application and any supplements thereto.
(e) The department may refuse to issue a reinsurance intermediary license if, in its judgment, the applicant, anyone named on the application or any member, principal, officer or director of the applicant is not trustworthy or that any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary or that any of the foregoing has given cause for revocation or suspension of a license or has failed to comply with any prerequisite for the issuance of a license. Upon written request therefor, the department shall furnish a summary of the basis for refusal to issue a license which document shall be confidential and not subject to disclosure to any other party by the department.
(f) Licensed attorneys at law of this Commonwealth when acting in their professional capacity shall be exempt from this section.

Credits

1921, May 17, P.L. 789, No. 285, art. VII, § 702, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.
40 P.S. § 321.2, PA ST 40 P.S. § 321.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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