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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 8. ENTITIES THAT ACT AS INSURERS |
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SUBTITLE 1. BROKER CONTROLLED BUSINESS |
§ 8-106. Placement or acceptance of business by reinsurance intermediary
Latest version.
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(a) "Reinsurance intermediary" defined. -- 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) Scope of section. -- 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) Placement of business with assuming insurer prohibited. -- 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) Acceptance of business from ceding insurer prohibited. -- 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.