§ 8-519. Duties of authorized insurer; prohibited acts; penalties

   (a) Duty to obtain statements of financial condition of reinsurance broker. -- An authorized insurer shall obtain annually a copy of statements of the financial condition of each reinsurance broker that transacts business with the authorized insurer.

(b) Prohibited acts. -- An authorized insurer may not:

   (1) engage the services of a person to act as a reinsurance broker on its behalf unless the person has complied with this subtitle; or

   (2) employ an individual who also is employed by a reinsurance broker that transacts business with the authorized insurer, unless the reinsurance broker is under common control with the authorized insurer and is subject to Title 7 of this article.

(c) Penalties. -- An authorized insurer that violates any provision of this subtitle is subject to the disciplinary and penalty provisions of § 4-113 and 4-114 of this article.

HISTORY: An. Code 1957, art. 48A, § 725; 1995, ch. 36.