Alabama § 27-5A-6 Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker

Alabama Statutes

§ 27-5A-6 — Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker

Alabama·Title 27 Insurance·Ch. 5A Reinsurance Intermediaries

(a)An insurer shall 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 (a) of Section 27-5A-3.

(b)An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to Chapter 29, Title 27.

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

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(a) An insurer shall 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 (a) of Section 27-5A-3.
(b) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to Chapter 29, Title 27.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.

Alabama § 27-5A-6 (Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.