Section 375.1115

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 01 Jul 1992, see footnote   

  375.1115.  Reinsurance intermediary, license issued by director — requirements — attorneys exempt from requirements. — 1.  No person, firm, association or corporation shall act as an RB in this state if the RB 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:

  (1)  In this state, unless such RB is a licensed insurance agent in this state;

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

  2.  No person, firm, association or corporation shall act as an RM:

  (1)  For a reinsurer domiciled in this state, unless such RM is a licensed insurance agent in this state;

  (2)  In this state, if the RM 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 such RM is a licensed producer in this state;

  (3)  In another state for a nondomestic insurer, unless such RM is a licensed insurance agent in this state or another state having a law substantially similar to this law or such person is a licensed insurance agent in this state as a nonresident reinsurance intermediary.

  3.  The director may require an RM subject to subsection 2 of this section to:

  (1)  File a bond, in an amount and from an insurer acceptable to the director, for the protection of each reinsurer represented; and

  (2)  Maintain an errors and omissions policy in an amount acceptable to the director.

  4.  (1)  The director may issue a reinsurance intermediary license to any person, firm, association or corporation who has complied with the requirements of sections 375.1110 to 375.1140. Any such license issued to a firm or association shall authorize all the members of such firm or association and any designated employees to act as reinsurance intermediaries under the license, and all such 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 such corporation, and all such persons shall be named in the application and any supplements thereto.

  (2)  If the applicant for a reinsurance intermediary license is a nonresident, such applicant as a condition precedent to receiving or holding a license shall designate the director as agent for service of process in the manner, and with the same legal effect, provided for by sections 375.1110 to 375.1140, for designation of service of process upon unauthorized insurers, and also shall furnish the director with the name and address of a resident of this state upon whom notices or orders of the director or process affecting such nonresident reinsurance intermediary may be served.  Such licensee shall promptly notify the director in writing of every change in its designated agent for service of process, and such change shall not become effective until acknowledged by the director.

  5.  The director may refuse to issue a reinsurance intermediary license if, in his judgment, the applicant, any one name on the application, or any member, principal, officer or director of the applicant, is not trustworthy, or that any controlling person of such 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 a prerequisite for the issuance of such license.

  6.  Licensed attorneys at law of this state when acting in this professional capacity as such shall be exempt from this section.

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(L. 1991 H.B. 385, et al. § 39)

Effective 7-01-92