Sec. 1159.
(1) An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by section 1153.
(2) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to chapter 13.
(3) The insurer shall obtain annually a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.
History: Add. 1994, Act 226, Imd. Eff. June 27, 1994 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-11A - Chapter 11a Reinsurance Intermediaries (500.1151...500.1171)
Section 500.1151 - Definitions.
Section 500.1155 - Transactions Between Reinsurance Intermediary-Broker and Insurer; Authorization.
Section 500.1157 - Record of Transaction.
Section 500.1161 - Transactions Between Reinsurance Intermediary-Manager and Reinsurer; Contract.
Section 500.1163 - Reinsurance Intermediary-Manager; Prohibited Conduct.
Section 500.1169 - Violation; Penalties.
Section 500.1171 - Reinsurance Intermediary; Use of Services.