Sec. 38a-760b. Licensing. Service of process.
Sec. 38a-760b. Licensing. Service of process. (a) No person, firm, association or
corporation shall act as a reinsurance intermediary-broker in this state if the reinsurance
intermediary-broker maintains an office either directly or as a member or employee of
a firm or association, or an officer, director or employee of a corporation (1) in this state,
unless such reinsurance intermediary-broker is a licensed producer in this state; or (2)
in another state, unless such reinsurance intermediary-broker is a licensed producer in
this state or another state having a law substantially similar to the provisions of this
section or such reinsurance intermediary-broker is licensed in this state as a nonresident
reinsurance intermediary.
(b) No person, firm, association or corporation shall act as a reinsurance intermediary-manager (1) for a reinsurer domiciled in this state, unless such reinsurance intermediary-manager is a licensed producer in this state; (2) if the reinsurance intermediary-manager maintains an office either directly or as a member or employee of a firm or
association, or an officer, director or employee of a corporation in this state, unless such
reinsurance intermediary-manager is a licensed producer in this state; (3) in another state
for a nondomestic insurer, unless such reinsurance intermediary-manager is a licensed
producer in this state or another state having a law substantially similar to the provisions
of this section or such person is licensed in this state as a nonresident reinsurance intermediary.
(c) The commissioner may require a reinsurance intermediary-manager subject to
subsection (b) of this section to (1) file a bond in an amount, from an insurer, acceptable
to the commissioner for the protection of the reinsurer; and (2) maintain an errors and
omissions policy in an amount acceptable to the commissioner.
(d) (1) The commissioner may issue a reinsurance intermediary license to any person, firm, association or corporation who has complied with the requirements of sections
38a-760 to 38a-760i, inclusive. Any such license issued to a firm or association will
authorize all the members of such firm or association and any designated employees to
act as reinsurance intermediaries under the license, and all such persons shall be named
in the application and any supplements thereto. Any such license issued to a corporation
shall authorize all of the officers, and any designated employees and directors thereof
to act as reinsurance intermediaries on behalf of such corporation, and all such persons
shall be named in the application and any supplements thereto.
(2) If the applicant for a reinsurance intermediary license is a nonresident, such
applicant, as a condition precedent to receiving or holding a license, shall designate the
Insurance Commissioner as agent for service of process in the manner, and with the same
legal effect, provided for by sections 38a-760 to 38a-760i, inclusive, for designation of
service of process upon unauthorized insurers and also shall furnish the commissioner
with the name and address of a resident of this state upon whom notices or orders of
the commissioner or process affecting such nonresident reinsurance intermediary may
be served. Such licensee shall promptly notify the commissioner in writing of every
change in its designated agent for service of process, and such change shall not become
effective until acknowledged by the commissioner.
(e) The commissioner may refuse to issue a reinsurance intermediary license if, in
his judgment, the applicant, anyone named on the application, or any member, principal,
officer or director of the applicant, is not trustworthy, or if any controlling person of
such applicant is not trustworthy to act as a reinsurance intermediary, or if any of the
foregoing has given cause for revocation or suspension of such license or has failed to
comply with any prerequisite for the issuance of such license. The provisions of section
38a-774 shall apply to any action taken by the commissioner under this subsection.
(f) Licensed attorneys-at-law of this state when acting in their professional capacity
as such shall be exempt from this section.
(P.A. 92-112, S. 24, 35.)
History: (Revisor's note: In codifying public act 92-112 the word "if" was substituted editorially by the Revisors for
the word "that" before the words "any controlling person" and before the words "any of the foregoing", and a comma was
deleted after the words "or has failed to comply", in Subsec. (e)).