31A-23a-804. Duties of insurers utilizing the services of a reinsurance intermediary-broker.
121 words·~1 min read·
/ut/title-31a/chapter-23a/31a-23a-804A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
31A-23a-804. Duties of insurers utilizing the services of a reinsurance intermediary-broker.
(1)An insurer may not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by Subsection 31A-23a-801(1) .
(2)An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to Title 31A, Chapter 16, Insurance Holding Companies .
(3)The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.
Renumbered and Amended by Chapter 298 , 2003 General Session