38.2-1351 - Duties of insurers utilizing the services of a reinsurance intermediary broker. - Virginia Statutes

§ 38.2-1351. Duties of insurers utilizing the services of a reinsuranceintermediary broker.

A. An insurer shall not engage the services of any individual or businessentity to act as a reinsurance intermediary broker on its behalf unless suchperson is licensed as required by § 38.2-1348.

B. An insurer may not employ an individual who is employed by a reinsuranceintermediary broker with which it transacts business, unless such reinsuranceintermediary broker is under common control with the insurer and subject toArticle 5 (§ 38.2-1322 et seq.) of this chapter or Article 2 (§ 38.2-4230 etseq.) of Chapter 42 of this title.

C. The insurer shall annually obtain a copy of the current financialstatement of each reinsurance intermediary broker with which it transactsbusiness. Such statement shall be certified by an independent publicaccountant and in a form acceptable to the Commission.

(2001, c. 706.)