§ 8-106. Placement or acceptance of business by reinsurance intermediary.
(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.
§ 8-106. Placement or acceptance of business by reinsurance intermediary.
(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.
§ 8-106. Placement or acceptance of business by reinsurance intermediary.
(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.
