No person, firm, association, or corporation may act as a RB in Indiana if the RB maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation:

1. (1) in Indiana, unless the RB is a licensed producer in Indiana; or

2. (2) in another state, unless the RB:

   1. (A) is a licensed producer in Indiana or another state having a law substantially similar to this chapter; or
   2. (B) is licensed in Indiana as a nonresident reinsurance intermediary.

As added by P.L.26-1991, SEC.26.