Prohibition Against Employing Unlicensed Broker or Individual Employed by Broker; Annual Statement of Broker's Financial Condition Required

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  5. Prohibition Against Employing Unlicensed Broker or Individual Employed by Broker; Annual Statement of Broker's Financial Condition Required

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  1. An insurer shall not engage the services of any person, firm, association, or corporation to act as a broker on its behalf unless such person is licensed as required by subsection (a) of Code Section 33-49-3.
  2. An insurer may not employ an individual who is employed by a broker with which it transacts business unless such broker is under common control with the insurer and subject to Chapter 13 of this title.
  3. The insurer shall annually obtain a copy of statements of the financial condition of each broker with which it transacts business.

(Code 1981, §33-49-6, enacted by Ga. L. 1991, p. 1424, § 8.)


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