Ch. 36

1995 LAWS OF MARYLAND

REVISOR'S NOTE: This subsection formerly was Art. 48A, § 714(a).
No changes are made.

(B)     LICENSE.

"LICENSE" MEANS A LICENSE ISSUED BY THE COMMISSIONER TO ACT AS A
REINSURANCE INTERMEDIARY.

REVISOR'S NOTE: This subsection formerly was Art. 48A, § 714(d).

The former phrase "in the State" is deleted as unnecessary in this definition.
See § 8-503(b) of this subtitle.

No other changes are made.

Defined terms: "Commissioner" § 1-101
"Reinsurance intermediary" § 8-501

(C)     QUALIFIED FINANCIAL INSTITUTION.

"QUALIFIED FINANCIAL INSTITUTION" MEANS AN INSTITUTION THAT:

(1)      IS ORGANIZED OR, IN THE CASE OF A UNITED STATES OFFICE OF A
FOREIGN BANKING ORGANIZATION, LICENSED UNDER THE LAWS OF THE UNITED
STATES OR A STATE;

(2)      IS REGULATED, SUPERVISED, AND EXAMINED BY THE UNITED
STATES OR ANY STATE BY AUTHORITIES WITH REGULATORY AUTHORITY OVER
BANKS AND TRUST COMPANIES; AND

(3)      HAS BEEN DETERMINED BY THE COMMISSIONER OR THE
SECURITIES VALUATION OFFICE OF THE NATIONAL ASSOCIATION OF INSURANCE
COMMISSIONERS TO MEET THE STANDARDS OF FINANCIAL CONDITION AND
STANDING CONSIDERED NECESSARY AND APPROPRIATE TO REGULATE THE
QUALITY OF FINANCIAL INSTITUTIONS WHOSE LETTERS OF CREDIT WILL BE
ACCEPTABLE TO THE COMMISSIONER.

REVISOR'S NOTE: This subsection formerly was Art. 48A, § 714(e).

The only changes are in style.

Defined terms: "Commissioner" § 1-101
"State" § 1-101

(D)     REINSURANCE BROKER.

(1)      "REINSURANCE BROKER" MEANS A PERSON THAT SOLICITS,
NEGOTIATES, OR PLACES REINSURANCE CESSIONS OR RETROCESSIONS FOR A
CEDING INSURER WITHOUT THE AUTHORITY TO BIND REINSURANCE FOR THE
CEDING INSURER.

(2)      "REINSURANCE BROKER" DOES NOT INCLUDE AN OFFICER OR
EMPLOYEE OF THE CEDING INSURER.

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