33-2-1704. Duties of insurers utilizing the services of a reinsurance intermediary-broker. (1) An insurer may 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 33-2-1701.
(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 is subject to the provisions of Title 33, chapter 2, part 11.
(3) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.
History: En. Sec. 22, Ch. 596, L. 1993.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 2. Regulation of Insurance Companies
Part 17. Regulation of Reinsurance Intermediaries
33-2-1701. Licensure of reinsurance intermediaries
33-2-1702. Required contract provisions -- reinsurance intermediary-brokers
33-2-1703. Books and records -- reinsurance intermediary-brokers
33-2-1704. Duties of insurers utilizing the services of a reinsurance intermediary-broker
33-2-1705. Required contract provisions -- reinsurance intermediary-managers
33-2-1707. Duties of reinsurers using services of reinsurance intermediary-manager