West Virginia Code 33-38-6 – Duties of insurers utilizing the services of a reinsurance intermediary-broker
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(a) An insurer may not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-broker on its behalf unless that person is licensed as required by subsection (a), section three of this article.
Terms Used In West Virginia Code 33-38-6
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Firm: means an individual doing business as a sole proprietor, a partnership, limited liability company, limited liability partnership or other legal entity. See West Virginia Code 33-38-2
- Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of this chapter as an insurer. See West Virginia Code 33-38-2
- Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer, firm, association or corporation 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 West Virginia Code 33-38-2
(b) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to article twenty-seven of this chapter.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.