375.1115. Reinsurance intermediary, license issued by director--requirements--attorneys exempt from requirements.

MISSOURI STATUTES AND CODES

375.1115. Reinsurance intermediary, license issued by director--requirements--attorneys exempt from requirements.

Reinsurance intermediary, license issued bydirector--requirements--attorneys exempt from requirements.

375.1115. 1. No person, firm, association or corporationshall act as an RB in this state if the RB maintains an officeeither directly or as a member or employee of a firm orassociation, or an officer, director or employee of acorporation:

(1) In this state, unless such RB is a licensed insuranceagent in this state;

(2) In another state, unless such RB is a licensed producerin this state or another state having a law substantially similarto this law or such RB is licensed in this state as a nonresidentreinsurance intermediary.

2. No person, firm, association or corporation shall act asan RM:

(1) For a reinsurer domiciled in this state, unless such RMis a licensed insurance agent in this state;

(2) In this state, if the RM maintains an office eitherdirectly or as a member or employee of a firm or association, oran officer, director or employee of a corporation in this state,unless such RM is a licensed producer in this state;

(3) In another state for a nondomestic insurer, unless suchRM is a licensed insurance agent in this state or another statehaving a law substantially similar to this law or such person isa licensed insurance agent in this state as a nonresidentreinsurance intermediary.

3. The director may require an RM subject to subsection 2of this section to:

(1) File a bond, in an amount and from an insureracceptable to the director, for the protection of each reinsurerrepresented; and

(2) Maintain an errors and omissions policy in an amountacceptable to the director.

4. (1) The director may issue a reinsurance intermediarylicense to any person, firm, association or corporation who hascomplied with the requirements of sections 375.1110 to 375.1140.Any such license issued to a firm or association shall authorizeall the members of such firm or association and any designatedemployees to act as reinsurance intermediaries under the license,and all such persons shall be named in the application and anysupplements thereto. Any such license issued to a corporationshall authorize all of the officers, and any designated employeesand directors thereof, to act as reinsurance intermediaries onbehalf of such corporation, and all such persons shall be namedin the application and any supplements thereto.

(2) If the applicant for a reinsurance intermediary licenseis a nonresident, such applicant as a condition precedent toreceiving or holding a license shall designate the director asagent for service of process in the manner, and with the samelegal effect, provided for by sections 375.1110 to 375.1140, fordesignation of service of process upon unauthorized insurers, andalso shall furnish the director with the name and address of aresident of this state upon whom notices or orders of thedirector or process affecting such nonresident reinsuranceintermediary may be served. Such licensee shall promptly notifythe director in writing of every change in its designated agentfor service of process, and such change shall not becomeeffective until acknowledged by the director.

5. The director may refuse to issue a reinsuranceintermediary license if, in his judgment, the applicant, any onename on the application, or any member, principal, officer ordirector of the applicant, is not trustworthy, or that anycontrolling person of such applicant is not trustworthy to act asa reinsurance intermediary, or that any of the foregoing hasgiven cause for revocation or suspension of such license, or hasfailed to comply with a prerequisite for the issuance of suchlicense.

6. Licensed attorneys at law of this state when acting inthis professional capacity as such shall be exempt from thissection.