§ 24-A §742 — Reinsurance intermediaries; licensing

1.
Qualifications for license.
For the protection of the people of this State, the superintendent may not issue, continue or permit to exist any reinsurance intermediary license except in compliance with this subchapter.
2.
License requirement.
2-A.
License requirement.
A person or organization may be authorized by the superintendent to act as a reinsurance intermediary under the following circumstances.
3.
License forms.
The superintendent shall prescribe, consistent with the applicable requirements of this subchapter, and furnish all printed forms required under this subchapter in connection with application for and issuance of licenses.
4.
Application for licensure.
Application for licensure is governed by this subsection.
5.
Additional requirements.
The superintendent may require a reinsurance intermediary manager to:
6.
Nonresident applicant.
If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, must designate the superintendent as agent for service of process in the manner and with the same legal effect provided for by this Title for designation of service of process upon unauthorized insurers. The applicant shall furnish the superintendent with the name and address of a resident of this State upon whom notices or orders of the superintendent or process affecting the nonresident reinsurance intermediary may be served. If a nonresident applicant becomes licensed, the licensee shall promptly notify the superintendent in writing of every change in its designated agent for service of process. Such a change is not effective until acknowledged by the superintendent.
7.
Attorneys exempted.
Licensed attorneys-at-law of this State when acting in their professional capacity are exempt from this section.

Legislative History

PL 1991, c. 828, §20 (NEW). PL 1995, c. 329, §5 (AMD). PL 1995, c. 544, §7 (AMD).