§ 8-503. License required; qualifications of reinsurance intermediaries

   (a) Scope of section. -- This section does not apply to a lawyer admitted to the bar of the State while acting within the scope of the profession of the lawyer.

(b) In general. --

   (1) Except as otherwise provided in paragraph (2) of this subsection, before a person acts as a reinsurance manager or reinsurance broker in the State, the person:

      (i) in the case of a person that maintains an office in the State:

         1. must obtain a license under this subtitle; or

         2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article; or

      (ii) in the case of a person that maintains an office in another state:

         1. must obtain a license under this subtitle or under a law of another state that is substantially similar to this subtitle; or

         2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article or under a law of another state that is substantially similar to Title 10, Subtitle 1 of this article.

   (2) Before a person acts as a reinsurance manager for a reinsurer domiciled in the State, the person must:

      (i) obtain a license under this subtitle; or

      (ii) qualify as an insurance producer under Title 10, Subtitle 1 of this article.

   (3) This subsection applies to a person that maintains an office in the State either directly or as a member or employee of a firm or association or as an officer, director, or employee of a corporation that maintains an office in the State.

HISTORY: An. Code 1957, art. 48A, § 715; 1995, ch. 36; 2001, ch. 731, § 1.