Section 8-503 - License required; qualifications of reinsurance intermediaries. - Maryland Statutes

§ 8-503. License required; qualifications of reinsurance intermediaries.
 

(a)  Scope of section.- This section does not apply to a lawyer admitted to the bar of the State while acting within the scope of the profession of the lawyer. 

(b)  In general.-  

(1) Except as otherwise provided in paragraph (2) of this subsection, before a person acts as a reinsurance manager or reinsurance broker in the State, the person: 

(i) in the case of a person that maintains an office in the State: 

1. must obtain a license under this subtitle; or 

2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article; or 

(ii) in the case of a person that maintains an office in another state: 

1. must obtain a license under this subtitle or under a law of another state that is substantially similar to this subtitle; or 

2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article or under a law of another state that is substantially similar to Title 10, Subtitle 1 of this article. 

(2) Before a person acts as a reinsurance manager for a reinsurer domiciled in the State, the person must: 

(i) obtain a license under this subtitle; or 

(ii) qualify as an insurance producer under Title 10, Subtitle 1 of this article. 

(3) This subsection applies to a person that maintains an office in the State either directly or as a member or employee of a firm or association or as an officer, director, or employee of a corporation that maintains an office in the State. 
 

[An. Code 1957, art. 48A, § 715; 1995, ch. 36; 2001, ch. 731, § 1.]