Louisiana Revised Statutes 22:1726 – A. An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf, unless such person is licensed as required by R.S. 22:1723(A).
Terms Used In Louisiana Revised Statutes 22:1726
- Individual: shall mean a natural person. See Louisiana Revised Statutes 22:1722
- Insurer: shall mean any authorized insurer as defined in La. See Louisiana Revised Statutes 22:1722
- Person: shall mean an individual or business entity. See Louisiana Revised Statutes 22:1722
- Reinsurance intermediary-broker: shall mean any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See Louisiana Revised Statutes 22:1722
A. An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf, unless such person is licensed as required by La. Rev. Stat. 22:1723(A).
B. An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to the Insurance Holding Company System Regulatory Law, La. Rev. Stat. 22:691.1 et seq.
C. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.
Acts 1992, No. 811, §1; Redesignated from La. Rev. Stat. 22:1210.25 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012; Acts 2022, No. 161, §1.