(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.
Structure Code of Alabama
Chapter 5A - Reinsurance Intermediaries.
Section 27-5A-1 - Short Title.
Section 27-5A-2 - Definitions.
Section 27-5A-4 - Required Contract Provisions; Reinsurance Intermediary-Brokers.
Section 27-5A-5 - Books and Records; Reinsurance Intermediary-Brokers.
Section 27-5A-6 - Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker.
Section 27-5A-7 - Required Contract Provisions; Reinsurance Intermediary-Managers.
Section 27-5A-8 - Prohibited Acts.
Section 27-5A-9 - Duties of Reinsurers Utilizing Services of Reinsurance Intermediary-Manager.
Section 27-5A-10 - Examination Authority.
Section 27-5A-11 - Penalties and Liabilities.
Section 27-5A-12 - Rules and Regulations.
Section 27-5A-13 - Utilization of Services of Reinsurance Intermediary.