(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance broker on its behalf unless the person is licensed as required by § 31-1802(a).
(b) An insurer may not employ an individual who is employed by a reinsurance broker with which it transacts business, unless the reinsurance broker is under common control with the insurer and subject to Chapter 7 of this title.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance broker with which it transacts business.
(Oct. 21, 1993, D.C. Law 10-47, § 6, 40 DCR 6093.)
Prior Codifications1981 Ed., § 35-3105.