PARRIS N. GLENDENING, Governor                                   Ch. 36

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

In paragraph (1) of this subsection, the reference to authority to bind
reinsurance for a "ceding" insurer is added for consistency within this
subsection.

The only other changes are in style.

Defined terms: "Insurer" § 1-101
"Person" § 1-101
"Reinsurance" § 1-101

(E)     REINSURANCE INTERMEDIARY.

"REINSURANCE INTERMEDIARY" MEANS A REINSURANCE BROKER OR A
REINSURANCE MANAGER.

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

No changes are made.

Defined terms: "Reinsurance broker" § 8-501
"Reinsurance manager" § 8-501

(F)      REINSURANCE MANAGER.

(1)      "REINSURANCE MANAGER" MEANS A PERSON THAT:

(I)      ACTS AS AN AGENT FOR A REINSURER; AND

(II)     1. HAS AUTHORITY TO BIND THE REINSURER; OR

2. MANAGES ALL OR PART OF THE ASSUMED REINSURANCE
BUSINESS OF THE REINSURER, INCLUDING THE MANAGEMENT OF A SEPARATE
DIVISION, DEPARTMENT, OR UNDERWRITING OFFICE.

(2)      "REINSURANCE MANAGER" DOES NOT INCLUDE:

(I)       AN EMPLOYEE OF THE REINSURER;

(II)     A UNITED STATES MANAGER OF THE UNITED STATES BRANCH
OF AN ALIEN REINSURER;

(III)   AN UNDERWRITING MANAGER THAT, BY CONTRACT:

1.        MANAGES ALL OR PART OF THE REINSURANCE
OPERATIONS OF THE REINSURER;

2.        IS UNDER COMMON CONTROL WITH THE REINSURER;
AND

3.        IS NOT COMPENSATED BASED ON THE VOLUME OF
PREMIUMS WRITTEN; OR

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