§ 26-47-103 — License required

(a) No person shall act as a reinsurance intermediary
broker in this state if he maintains an office either directly
or as a member, officer, director or employee of a firm,
association or corporation:
(i) In this state, unless he is a licensed producer
in this state; or
(ii) In another state, unless he:
(A) Is a licensed producer in this state or
another state having a law substantially similar to this
article; or
(B) Is licensed in this state as a nonresident
reinsurance intermediary.
(b) No person shall act as a reinsurance intermediary
manager:
(i) For a reinsurer domiciled in this state, unless
he is a licensed producer in this state;
(ii) In this state, if he maintains an office either
directly or as a member, officer, director or employee of a
firm, association or corporation in this state, unless he is a
licensed producer in this state;
(iii) In another state for a nondomestic insurer,
unless he:
(A) Is a licensed producer in this state or
another state having a law substantially similar to this
article; or
(B) He is licensed in this state as a
nonresident reinsurance intermediary.
(c) The commissioner may require a reinsurance
intermediary manager subject to subsection (b) of this section
to:
(i) File a bond, in an amount and from an insurer
acceptable to the commissioner, for the protection of each
reinsurer; and
(ii) Maintain an errors and omissions policy in an
amount sufficient to protect each reinsurer.
(d) The commissioner may issue a reinsurance intermediary
license to any person who has complied with the requirements of
this article. Any reinsurance intermediary license issued to a
firm or association shall authorize all the members of the firm
or association and any designated employees to act as
reinsurance intermediaries under the license. Any intermediary
license issued to a corporation shall authorize all of the
officers, and any designated employees and directors thereof to
act as reinsurance intermediaries on behalf of the corporation.
All members of the firm, association or corporation and
employees designated to act as reinsurance intermediaries shall
be named in the application and any supplements to the
application.
(e) 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 code for
designation of service of process upon unauthorized insurers.
The applicant 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 which shall not
become effective until acknowledged by the commissioner.
(f) The commissioner shall not issue, continue or permit
to exist any reinsurance intermediary license if the applicant,
anyone named on the application, or any member, principal,
officer or director of the applicant has:
(i) Had a reinsurance intermediary license revoked or
suspended; or
(ii) Failed to comply with any prerequisite for the
issuance of such license.
(g) Any person applying for or holding a reinsurance
intermediary license shall:
(i) Have experience either as an agent, adjuster,
managing general agent, broker, consultant or other special
experience, education or training, all of sufficient content and
duration reasonably necessary for competence in fulfilling the
responsibilities of a reinsurance intermediary; and
(ii) Be competent, trustworthy, financially
responsible and of good reputation.
(h) Licensed attorneys of this state when acting in their
professional capacity as such shall be exempt from this section.