Prohibition on use of unlicensed reinsurance intermediary broker
- • requirement that insurer obtain financial statement of reinsurance intermediary broker
(1) An insurer may not engage the services of any person to act as a reinsurance intermediary broker on its behalf unless the person is licensed as a reinsurance intermediary broker as required by ORS 744.800 (Qualifications for reinsurance intermediary brokers and managers).
(2) 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 ORS 732.517 (Purpose of ORS 732.517 to 732.546) to 732.596 (Request by insurance holding company system for determination or acknowledgement of group-wide supervisor).
(3) The insurer must annually obtain a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business. [1993 c.447 §78; 2003 c.364 §31]
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