Volume 772, Page 3506 View pdf image |
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H.B. 422 VETOES (2) BEFORE A PERSON MAY ACT AS A REINSURANCE MANAGER FOR A (I) OBTAIN A LICENSE UNDER THIS SUBTITLE; OR (II) QUALIFY AS AN AGENT OR BROKER UNDER SUBTITLE 11 OF (3) THIS SUBSECTION APPLIES TO A PERSON THAT MAINTAINS AN 700. (A) THE COMMISSIONER MAY REQUIRE A REINSURANCE MANAGER TO: (1) SUBJECT TO SUBSECTION (B) OF THIS SECTION, FILE A BOND FROM PROTECTION OF EACH REINSURER THAT THE REINSURANCE MANAGER (2) MAINTAIN AN ERRORS AND OMISSIONS POLICY IN AN AMOUNT (B) (1) THE BOND REQUIRED UNDER SUBSECTION (A)(1) OF THIS SECTION (I) AUTHORIZED TO WRITE SURETY INSURANCE IN THIS STATE; (II) ACCEPTABLE TO THE COMMISSIONER. (2) SUBJECT TO THE APPROVAL OF THE COMMISSIONER, A 701. (A) (1) ON THE FORM PROVIDED BY THE COMMISSIONER, EACH (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 - 3506 -
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Volume 772, Page 3506 View pdf image |
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