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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 5. REINSURANCE INTERMEDIARIES |
§ 8-501. Definitions
Latest version.
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(a) In general. -- In this subtitle the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(a).
** REVISOR'S NOTE
No changes are made.
(b) License. -- "License" means a license issued by the Commissioner to act as a reinsurance intermediary.
** REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(d).
** REVISOR'S NOTE
The former phrase "in the State" is deleted as unnecessary in this definition. See § 8-503(b) of this subtitle.
** REVISOR'S NOTE
No other changes are made.
** DEFINED TERMS:
"Commissioner" § 1-101
** DEFINED TERMS:
"Reinsurance intermediary" § 8-501
**
(c) Qualified financial institution. -- "Qualified financial institution" means an institution that: **
(1) is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or a state; **
(2) is regulated, supervised, and examined by the United States or any state by authorities with regulatory authority over banks and trust companies; and **
(3) has been determined by the Commissioner or the securities valuation office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commissioner.
REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(e).
REVISOR'S NOTE
The only changes are in style.
"Commissioner" § 1-101
"State" § 1-101
**
(d) Reinsurance broker. -- **
(1) "Reinsurance broker" means a person that solicits, negotiates, or places reinsurance cessions or retrocessions for a ceding insurer without the authority to bind reinsurance for the ceding insurer. **
(2) "Reinsurance broker" does not include an officer or employee of the ceding insurer.
REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(f).
REVISOR'S NOTE
In paragraph (1) of this subsection, the reference to authority to bind reinsurance for a "ceding" insurer is added for consistency within this subsection.
REVISOR'S NOTE
The only other changes are in style.
"Insurer" § 1-101
"Person" § 1-101
"Reinsurance" § 1-101
**
(e) Reinsurance intermediary. -- "Reinsurance intermediary" means a reinsurance broker or a reinsurance manager.
REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(g).
REVISOR'S NOTE
No changes are made.
"Reinsurance broker" § 8-501
"Reinsurance manager" § 8-501
**
(f) Reinsurance manager. -- **
(1) "Reinsurance manager" means a person that: **
(i) acts as an insurance producer for a reinsurer; and **
(ii) 1. has authority to bind the reinsurer; or **
2. manages all or part of the assumed reinsurance business of the reinsurer, including the management of a separate division, department, or underwriting office. **
(2) "Reinsurance manager" does not include: **
(i) an employee of the reinsurer; **
(ii) a United States manager of the United States branch of an alien reinsurer; **
(iii) an underwriting manager that, by contract: **
1. manages all or part of the reinsurance operations of the reinsurer; **
2. is under common control with the reinsurer; and **
3. is not compensated based on the volume of premiums written; or **
(iv) the manager of a group, association, pool, or organization of insurers that: **
1. engages in joint underwriting or joint reinsurance; and **
2. is subject to examination by the insurance regulatory authority of the state where the manager's principal business office is located.
REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(h).
REVISOR'S NOTE
The only changes are in style.
"Agent" § 1-101
"Insurance" § 1-101
"Insurer" § 1-101
"Person" § 1-101
"Premium" § 1-101
"Reinsurance" § 1-101
"Reinsurer" § 8-501
"State" § 1-101
**
(g) Reinsurer. -- "Reinsurer" means a person that engages in the business of reinsurance as: **
(1) an authorized insurer; or **
(2) an accepted reinsurer approved by the Commissioner.
REVISOR'S NOTE
This subsection formerly was Art. 48A, § 714(i).
REVISOR'S NOTE
The only changes are in style.
"Authorized insurer" § 1-101
"Commissioner" § 1-101
"Person" § 1-101
"Reinsurance" § 1-101
"Reinsurer" § 8-501