§431:9B-102  Licensure.  (a)  No person,
firm, association, or corporation shall act as a reinsurance
intermediary-broker in this State if the reinsurance intermediary-broker
maintains an office either directly or as a member or employee of a firm or
association or as an officer, director, or employee of a corporation:



(1)  In this State, unless the reinsurance
intermediary-broker is a licensed producer in this State; or



(2)  In another state, unless the reinsurance
intermediary-broker is a licensed producer in this State or another state
having a law substantially similar to this law, or such reinsurance
intermediary-broker is licensed in this State as a nonresident reinsurance
intermediary.



(b)  No person, firm, association, or
corporation shall act as a reinsurance intermediary-manager:



(1)  For a reinsurer domiciled in this State, unless
the reinsurance intermediary-manager is a licensed producer in this State;



(2)  In this State, if the reinsurance
intermediary-manager maintains an office either directly or as a member or
employee of a firm or association, or an officer, director, or employee of a
corporation in this State, unless the reinsurance intermediary-manager is a
licensed producer in this State; or



(3)  In another state for a nondomestic insurer,
unless the reinsurance intermediary-manager is a licensed producer in this
State or another state having a law substantially similar to this law, or the
person is licensed in this State as a nonresident reinsurance intermediary.



(c)  The commissioner shall require a
reinsurance intermediary-manager subject to subsection (b) to:



(1)  File a bond from an insurance company licensed to
do business within the State or with an insurance company approved by the
commissioner in an amount equal to $500,000 or ten per cent of the annual
reinsurance premiums managed by the reinsurance intermediary-manager, whichever
is greater, except that the bond amount under this paragraph shall not exceed
$10,000,000, for the protection of the reinsurer;



(2)  Maintain an errors and omissions policy, with an
insurance company licensed to do business within the State or with an insurance
company approved by the commissioner, in an amount equal to $250,000 or
twenty-five per cent of the annual reinsurance premiums managed by the reinsurance
intermediary-manager, whichever is greater, except that the policy limits under
this paragraph shall not exceed $10,000,000; and



(3)  Provide any other report required by the
commissioner.



At the time of application for licensure and each
renewal, each reinsurance intermediary-manager shall provide the commissioner
with proof of the bond and the policy, and appropriate documentation to show
that the bond and the policy continue to be in effect or that a new bond and a
new policy have been secured.



  (d)(1)  The commissioner may issue a reinsurance
intermediary license to any person, firm, association, or corporation that has
complied with the requirements of this article.  Any such license issued to a
firm or association will authorize all the members of that firm or association
and any designated employees to act as reinsurance intermediaries under the
license, and all those persons shall be named in the application and any
supplements thereto.  Any such 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, and all those
persons shall be named in the application and any supplements thereto.



(2)  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
article for service of process upon unauthorized insurers; and 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, and such change shall not become effective until
acknowledged by the commissioner.



(e)  The commissioner may refuse to issue a
reinsurance intermediary license if, in the commissioner's judgment, the
applicant, anyone named on the application, or any member, principal, officer,
or director of the applicant, is not trustworthy, or that any controlling person
of the applicant is not trustworthy to act as a reinsurance intermediary, or
that any of the foregoing has given cause for revocation or suspension of such
license, or has failed to comply with any prerequisite for the issuance of the
license.  Upon written request therefor, the commissioner shall furnish a
summary of the basis for refusal to issue a license, which document shall be
privileged and not subject to disclosure pursuant to chapter 92F.



(f)  Licensed attorneys at law of this State
when acting in their professional capacity as such shall be exempt from this
section. [L 1992, c 176, pt of §6; am L 2001, c 136, §2; am L 2004, c
122, §29; am L 2006, c 189, §6]