§ 8-519
125 words·~1 min read·
/md/insurance/8-519A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–519.
(a)An authorized insurer shall obtain annually a copy of statements of the financial condition of each reinsurance broker that transacts business with the authorized insurer.
(b)An authorized insurer may not:
(1)engage the services of a person to act as a reinsurance broker on its behalf unless the person has complied with this subtitle; or
(2)employ an individual who also is employed by a reinsurance broker that transacts business with the authorized insurer, unless the reinsurance broker is under common control with the authorized insurer and is subject to Title 7 of this article.
(c)An authorized insurer that violates any provision of this subtitle is subject to the disciplinary and penalty provisions of §§ 4-113 and 4-114 of this article.