Ch. 405                                         1993 LAWS' OF MARYLAND'

3. WHOSE COMPENSATION IS NOT BASED ON THE VOLUME
OF PREMIUMS WRITTEN; AND

(IV) THE MANAGER OF A GROUP, ASSOCIATION, POOL, OR
ORGANIZATION OF INSURERS THAT:

1.        ENGAGES IN JOINT UNDERWRITING OR JOINT
REINSURANCE; AND

2.         IS SUBJECT TO EXAMINATION BY THE INSURANCE
REGULATORY AUTHORITY OF THE STATE IN WHICH THE MANAGER'S PRINCIPAL
BUSINESS OFFICE IS LOCATED.

(I) "REINSURER" MEANS A PERSON WHO ENGAGES IN THE BUSINESS OF
REINSURANCE IN THE STATE:

(1)      AS AN AUTHORIZED INSURER; OR

(2)      AS AN ACCEPTED REINSURER APPROVED BY THE COMMISSIONER.
699.

(A)     THIS SECTION DOES NOT APPLY TO A LAWYER ADMITTED TO THE BAR OF
THE STATE WHILE ACTING WITHIN THE SCOPE OF THE PROFESSION OF THE
LAWYER.                                                                                                                     

(B)      (1) BEFORE A PERSON MAY ACT AS A REINSURANCE MANAGER OR
REINSURANCE BROKER IN THE STATE, THE PERSON SHALL:

(I)       IN THE CASE OF A PERSON WHO MAINTAINS AN OFFICE IN THE
STATE:

1.         OBTAIN A LICENSE UNDER THIS SUBTITLE; OR

2.        QUALIFY AS AN AGENT OR BROKER UNDER SUBTITLE 11
OF THIS ARTICLE; AND

(II)     IN THE CASE OF A PERSON WHO MAINTAINS AN OFFICE IN
ANOTHER STATE:

1.         OBTAIN A LICENSE UNDER THIS SUBTITLE OR THE LAW
OF ANOTHER STATE THAT IS SUBSTANTIALLY SIMILAR TO THIS SUBTITLE; OR

2.         QUALIFY AS AN AGENT OR BROKER UNDER SUBTITLE 11
OF THIS TITLE OR UNDER THE LAW OF ANOTHER STATE THAT IS SUBSTANTIALLY
SIMILAR TO SUBTITLE 11 OF THIS ARTICLE.

(2) BEFORE A PERSON MAY ACT AS A REINSURANCE MANAGER. FOR A
REINSURER DOMICILED IN THE STATE, THE PERSON SHALL:                           

(I)       OBTAIN A LICENSE UNDER THIS SUBTITLE; OR

(II)     QUALIFY AS AN AGENT OR BROKER UNDER SUBTITLE 11 OF
THIS ARTICLE.                                                                                                

- 2232 -