Alabama Code (Last Updated: November 28, 2014) |
Title27 INSURANCE. |
Chapter5A. REINSURANCE INTERMEDIARIES. |
§27-5A-6. Duties of insurers utilizing the services of a reinsurance intermediary-broker.
Latest version.
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(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by subsection (a) of Section 27-5A-3.
(b) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to Chapter 29, Title 27.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.