State Codes and Statutes
Statutes > Maryland > Insurance > Title-8 > Subtitle-5 > 8-519§ 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.
[An. Code 1957, art. 48A, § 725; 1995, ch. 36.]
