375.1122. Insurer's use of broker, restrictions--financial condition statement required. - Missouri Statutes

Insurer's use of broker, restrictions--financial condition statementrequired.

375.1122. 1. An insurer shall not engage the services ofany person, firm, association or corporation to act as an RB onits behalf, unless such person is licensed as required bysubsection 1 of section 375.1115.

2. An insurer may not employ an individual who is employedby an RB with which it transacts business, unless such RB isunder common control with the insurer and subject to theprovisions of chapter 382, RSMo.

3. The insurer shall annually obtain a copy of statementsof the financial condition of each RB with which it transactsbusiness.

(L. 1991 H.B. 385, et al. § 42)

Effective 7-1-92