WILLIAM DONALD SCHAEFER, Governor

Ch. 405

(3) THIS SUBSECTION APPLIES TO A PERSON THAT MAINTAINS AN
OFFICE IN THE STATE EITHER DIRECTLY OR AS A MEMBER OR EMPLOYEE OF A
FIRM OR ASSOCIATION OR AN OFFICER, DIRECTOR, OR EMPLOYEE OF A
CORPORATION.

700.

(A)     THE COMMISSIONER MAY REQUIRE A REINSURANCE MANAGER TO:

(1)      SUBJECT TO SUBSECTION (B) OF THIS SECTION, FILE A BOND FROM
AN INSURER IN AN AMOUNT ACCEPTABLE TO THE COMMISSIONER FOR THE
PROTECTION OF EACH REINSURER THAT THE REINSURANCE MANAGER
REPRESENTS; AND

(2)      MAINTAIN AN ERRORS AND OMISSIONS POLICY IN AN AMOUNT
ACCEPTABLE TO THE COMMISSIONER.

(B)     (1) THE BOND REQUIRED UNDER SUBSECTION (A)(1) OF THIS SECTION
SHALL BE WRITTEN BY AN INSURER THAT IS:

(I) AUTHORIZED TO WRITE SURETY INSURANCE IN THIS STATE;
AND

(II) ACCEPTABLE TO THE COMMISSIONER.

(2) SUBJECT TO THE APPROVAL OF THE COMMISSIONER, A
REINSURANCE MANAGER MAY PROVIDE SECURITY OTHER THAN A BOND,
INCLUDING IRREVOCABLE LETTERS OF CREDIT, TO SATISFY THE REQUIREMENTS
OF SUBSECTION (A)(1) OF THIS SECTION.

701.

(A)     (1) ON THE FORM PROVIDED BY THE COMMISSIONER, EACH
NONRESIDENT APPLICANT SHALL APPOINT THE COMMISSIONER AS ITS ATTORNEY
FOR SERVICE OF PROCESS ISSUED AGAINST IT IN THIS STATE.

(2) THE APPOINTMENT:

(I)       IS IRREVOCABLE;

(II)     BINDS THE APPLICANT AND ANY SUCCESSOR IN INTEREST;
AND

(III)    REMAINS IN EFFECT AS LONG AS THERE IS IN FORCE IN THIS
STATE ANY CONTRACT MADE BY THE APPLICANT OR OBLIGATION ARISING FROM A
CONTRACT MADE BY THE APPLICANT.

(B)      (1) EACH NONRESIDENT APPLICANT SHALL PROVIDE THE
COMMISSIONER WITH THE NAME AND ADDRESS OF A RESIDENT OF THIS STATE ON
WHOM NOTICE AND ORDERS OF THE COMMISSIONER AND PROCESS ISSUED
AGAINST THE APPLICANT MAY BE SERVED.

(2) (I) A NONRESIDENT LICENSEE PROMPTLY SHALL NOTIFY THE
COMMISSIONER OF ANY CHANGE IN ITS DESIGNATED AGENT FOR SERVICE.

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