§ 8-106

Maryland § 8-106

• Jurisdiction: Maryland
• Article gin: Insurance
• Title: 8

Text

(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.