Current with changes from the 2024 Legislative Session
Section 8-503 - License required; qualifications of reinsurance intermediaries(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) Except as otherwise provided in paragraph (2) of this subsection, before a person acts as a reinsurance manager or reinsurance broker in the State, the person: (i) in the case of a person that maintains an office in the State:1. must obtain a license under this subtitle; or2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article; or(ii) in the case of a person that maintains an office in another state: 1. must obtain a license under this subtitle or under a law of another state that is substantially similar to this subtitle; or2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article or under a law of another state that is substantially similar to Title 10, Subtitle 1 of this article.(2) Before a person acts as a reinsurance manager for a reinsurer domiciled in the State, the person must:(i) obtain a license under this subtitle; or(ii) qualify as an insurance producer under Title 10, Subtitle 1 of this article.(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 as an officer, director, or employee of a corporation that maintains an office in the State.