§ 2106 — Reinsurance intermediaries; licensing

§ 2106. Reinsurance intermediaries; licensing. (a) (1) The\nsuperintendent may issue a reinsurance intermediary's license to any\nperson, firm, association or corporation who or which has complied with\nthe requirements of this chapter.\n (2) Any such license issued to a firm or association shall authorize\nall of the members of such firm or association and any designated\nemployees to act as reinsurance intermediaries under the license, and\nall such persons shall be named in the application and supplements\nthereto.\n (3) Any such license issued to a corporation shall authorize all of\nthe officers and any designated employees and directors thereof to act\nas reinsurance intermediaries on behalf of such corporation, and all\nsuch persons shall be named in the application and supplements thereto.\n (4) For each business entity, the officer or officers and director or\ndirectors named in the application shall be designated responsible for\nthe business entity's compliance with the insurance laws, rules and\nregulations of this state.\n (b) (1) Before a resident reinsurance intermediary's license shall be\nissued or renewed the prospective licensee shall properly file in the\noffice of the superintendent a written application therefor in such form\nor forms and supplements thereto as the superintendent prescribes, and\npay a fee of five hundred dollars for each year or fraction of a year in\nwhich a license shall be valid.\n (2) Every resident reinsurance intermediary's license issued to a\nbusiness entity pursuant to this section shall expire on the\nthirty-first day of August of even-numbered years. On and after January\nfirst, two thousand seven, every license issued pursuant to this section\nto an individual resident reinsurance intermediary, and every license in\neffect prior to January first, two thousand seven that was issued\npursuant to this section to an individual resident reinsurance\nintermediary, who was born in an odd numbered year, shall expire on the\nindividual's birthday in each odd numbered year. On and after January\nfirst, two thousand seven, every license issued pursuant to this section\nto an individual resident reinsurance intermediary, and every license in\neffect prior to January first, two thousand seven that was issued\npursuant to this section to an individual resident reinsurance\nintermediary, who was born in an even numbered year, shall expire on the\nindividual's birthday in each even numbered year. Every license issued\npursuant to this section may be renewed for the ensuing period of\ntwenty-four months upon the filing of an application in conformity with\nthis subsection.\n (c) (1) If an application for a renewal license shall have been filed\nwith the superintendent before September first of the year of\nexpiration, the license sought to be renewed shall continue in full\nforce and effect either until the issuance by the superintendent of the\nrenewal license applied for or until five days after the superintendent\nshall have refused to issue such renewal license and given notice of\nsuch refusal to the applicant.\n (2) Before refusing to renew any such license the superintendent shall\nnotify the applicant of his intention so to do and shall give such\napplicant a hearing.\n (d) (1) The superintendent may refuse to issue a reinsurance\nintermediary's license if, in his judgment, the applicant or any member,\nprincipal, officer or director of such applicant, is not trustworthy and\ncompetent to act as a reinsurance intermediary, or that any controlling\nperson of such applicant is not trustworthy to act as a reinsurance\nintermediary, or that any of the foregoing has given cause for\nrevocation or suspension of such license, or has failed to comply with\nany prerequisite for the issuance of such license.\n (2) For the purposes of this section a "controlling person" is any\nperson who or which directly or indirectly has the power to direct or\ncause to be directed the management, control or activities of the\nreinsurance intermediary.\n (e) Licensees under this section shall be subject to examination by\nthe superintendent as often as he may deem it expedient. The\nsuperintendent may promulgate regulations establishing methods and\nprocedures for facilitating and verifying compliance with the\nrequirements of this section and sections two thousand one hundred two\nand two thousand one hundred twenty of this article.\n (f) (1) (A) The provisions of this section and of section two thousand\none hundred two, subsection (a) of section two thousand one hundred ten\nand section two thousand one hundred twenty of this article shall apply\nto resident and non-resident reinsurance intermediaries; provided,\nhowever, that the provisions of this subsection shall be specifically\napplicable with respect to non-resident reinsurance intermediaries.\n (B) A "non-resident reinsurance intermediary" means a person who is a\nnon-resident of this state and who is licensed to act as a reinsurance\nintermediary in their home state.\n (2) (A) Before a non-resident reinsurance intermediary's license shall\nbe issued or renewed, the prospective licensee shall properly file in\nthe office of the superintendent a written application therefor in such\nform or forms and supplements as the superintendent prescribes, and pay\na fee of five hundred dollars for each year or fraction of a year in\nwhich a license shall be valid.\n (B) Every non-resident reinsurance intermediary's license issued to a\nbusiness entity pursuant to this section shall expire on the\nthirty-first day of August of even-numbered years. On and after January\nfirst, two thousand seven, every license issued pursuant to this section\nto an individual non-resident reinsurance intermediary, and every\nlicense in effect prior to January first, two thousand seven that was\nissued pursuant to this section to an individual non-resident\nreinsurance intermediary, who was born in an odd numbered year, shall\nexpire on the individual's birthday in each odd numbered year. On and\nafter January first, two thousand seven, every license issued pursuant\nto this section to an individual non-resident reinsurance intermediary,\nand every license in effect prior to January first, two thousand seven\nthat was issued pursuant to this section to an individual non-resident\nreinsurance intermediary, who was born in an even numbered year, shall\nexpire on the individual's birthday in each even numbered year. Every\nsuch license issued pursuant to this subparagraph may be renewed for the\nensuing period of twenty-four months upon the filing of an application\nin conformity with this subsection.\n (g) The superintendent may issue a replacement for a currently in\nforce license which has been lost or destroyed. Before such replacement\nlicense shall be issued, there shall be on file in the office of the\nsuperintendent a written application for such replacement license,\naffirming under penalty of perjury that the original license has been\nlost or destroyed, together with a fee of fifteen dollars.\n