Sec. 25. Duties of insurers utilizing the services of a reinsurance intermediary broker.

111 words·~1 min read·/il/chapter-215/act-100/25

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(a)An insurer shall not engage the services of any person, firm, association, or corporation to act as an intermediary broker on its behalf unless the person is licensed as required by Section 10 of this Act.

(b)An insurer may not employ an individual who is employed by an intermediary broker with which it transacts business, unless the intermediary broker is under common control with the insurer and subject to the Holding Company Act.

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