Md. Code Ann., Ins. § 8-106
Placement or acceptance of business by reinsurance intermediary
Effective Jul 2, 2001Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1996, c. 60, § 1, eff. Oct. 1, 1997; Acts 2001, c. 731, § 1, eff. July 2, 2001.State of Maryland
(a) In this section, “reinsurance intermediary” means a person that acts as an insurance producer in:
- (1) soliciting, negotiating, or procuring a reinsurance contract or binder for a ceding insurer; or
- (2) accepting a reinsurance contract or binder for an assuming insurer.
- (b) This section does not apply to a reinsurance intermediary that makes a complete written disclosure to the parties of its relationship with the assuming or ceding insurer before completion of the transaction.
- (c) A reinsurance intermediary that has control of an assuming insurer may not directly or indirectly place insurance business with the assuming insurer in a transaction in which the reinsurance intermediary acts as an insurance producer for the ceding insurer.
- (d) A reinsurance intermediary that has control of a ceding insurer may not directly or indirectly accept business from the ceding insurer in a transaction in which the reinsurance intermediary acts as an insurance producer for the assuming insurer.
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1996, c. 60, § 1, eff. Oct. 1, 1997; Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, §§ 661, 663.