§ 31-1805. Duties of insurers utilizing the services of a reinsurance intermediary-broker.

Current through October 23, 2012

(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance broker on its behalf unless the person is licensed as required by § 31-1802(a).

(b) An insurer may not employ an individual who is employed by a reinsurance broker with which it transacts business, unless the reinsurance broker is under common control with the insurer and subject to Chapter 7 of this title.

(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance broker with which it transacts business.

                
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(Oct. 21, 1993, D.C. Law 10-47, § 6, 40 DCR 6093.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-3105.

Legislative History of Laws

For legislative history of D.C. Law 10-47, see Historical and Statutory Notes following § 31-1801.