HRS §431:9B-105
Rules for insurers using reinsurance broker middlemen
This section tells insurance companies what they must do before hiring a reinsurance broker. They must check the broker's license, avoid hiring the broker's employees unless they share control, and get the broker's financial statements every year.
The statute, as written — Duties of insurers utilizing the services of a reinsurance intermediary-broker
(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person, firm, association, or corporation is licensed as required by section 431:9B-102. (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 11. (c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.
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