Reinsurance Intermediaries

SECTION 27-52-6

§ 27-52-6. Duties of insurers utilizing the services of a reinsurance intermediary – Broker.

(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless that person is licensed as required by this chapter.

(b) An insurer may not employ an individual who is employed by a RB with which it transacts business, unless that RB is under common control with the insurer and subject to the Insurance Holding Company Systems Act, chapter 35 of this title.

(c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.

History of Section.
(P.L. 1992, ch. 445, § 1.)