CODE OF VIRGINIA

DUTIES OF INSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY BROKER
(§ 38.2-1351)

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

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
Article 5 (§ 38.2-1322 et seq.) of this chapter or Article 2 (§ 38.2-4230 et
seq.) of Chapter 42 of this title.

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

HISTORY: 2001, c. 706.