§ 27-52-3. Licensure.
(a) No person, firm, association, or corporation shall act as an RB in this state if the
RB maintains an office either directly or as a member or employee of a firm or association,
or an officer, director, or employee of a corporation:
(1) In this state, unless the RB is a licensed producer in this state; or
(2) In another state, unless the RB is a licensed producer in this state or another state
having a law substantially similar to this law or the RB is licensed in this state
as a nonresident reinsurance intermediary.
(b) No person, firm, association, or corporation shall act as an RM:
(1) For a reinsurer domiciled in this state, unless the RM is a licensed producer in this
state;
(2) In this state, if the RM maintains an office either directly or as a member or employee
of a firm or association, or an officer, director, or employee of a corporation in
this state, unless the RM is a licensed producer in this state;
(3) In another state for a nondomestic insurer, unless the RM is a licensed producer in
this state or another state having a law substantially similar to this law or the
person is licensed in this state as a nonresident reinsurance intermediary.
(c) The commissioner may require a RM subject to subsection (b) of this section to:
(1) File a bond in an amount from an insurer acceptable to the commissioner for the protection
of the reinsurer; and
(2) Maintain an errors and omissions policy in an amount acceptable to the commissioner.
(d)(1) The commissioner may issue a reinsurance intermediary license to any person, firm,
association, or corporation who or that has complied with the requirements of this
chapter. Any license issued to a firm or association will authorize all the members
of the firm or association and any designated employees to act as reinsurance intermediaries
under the license, and all these persons shall be named in the application and any
supplements to the application. Any license issued to a corporation shall authorize
all of the officers, and any designated employees and directors of the corporation
to act as reinsurance intermediaries on behalf of the corporation, and all these persons
shall be named in the application and any supplements to the application.
(2) If the applicant for a reinsurance intermediary license is a nonresident, the applicant,
as a condition precedent to receiving or holding a license, shall designate the commissioner
as agent for service of process in the manner, and with the same legal effect, provided
for by this chapter for designation of service of process upon unauthorized insurers,
and also shall furnish the commissioner with the name and address of a resident of
this state upon whom notices or orders of the commissioner or process affecting the
nonresident reinsurance intermediary may be served. The licensee shall promptly notify
the commissioner in writing of every change in its designated agent for service of
process, and the change shall not become effective until acknowledged by the commissioner.
(3) The commissioner shall promulgate rules and regulations mandating the term of license
for each category of license issued pursuant to this chapter and no license shall
remain in force for a period in excess of four (4) years. The fee for initial issuance
of the license or for renewal of the license shall be one hundred dollars ($100) per
annum for each year of the term of the license.
(e) The commissioner may refuse to issue a reinsurance intermediary license if, in his
or her judgment, the applicant, any one named on the application, or any member, principal,
officer, or director of the applicant, is not trustworthy, or that any controlling
person of the applicant is not trustworthy to act as a reinsurance intermediary, or
that any of the foregoing has given cause for revocation or suspension of the license,
or has failed to comply with any prerequisite for the issuance of the license. Upon
written request, the commissioner will furnish a summary of the basis for refusal
to issue a license, which document shall be privileged and not subject to the Access
to Public Records Act, chapter 2 of title 38.
(f) Licensed attorneys of this state when acting in their professional capacity as attorneys
shall be exempt from this section.