TITLE 41

INSURANCE

CHAPTER 51

REINSURANCE INTERMEDIARY ACT

41-5106.  Duties of insurers utilizing the services of a reinsurance intermediary — Broker. (1) An insurer shall not engage the services of any person, firm, association or corporation to act as a RB on its behalf unless such person is licensed as required in section 41-5103(1), Idaho Code.

(2)  An insurer may not employ an individual who is employed by a RB with which it transacts business, unless such RB is under common control with the insurer and subject to the provisions of chapter 38, title 41, Idaho Code.

(3)  The insurer shall annually obtain a copy of the statement of the financial condition of each RB with which it transacts business.

History:

[41-5106, added 1992, ch. 82, sec. 1, p. 252.]