{"data":{"id":"us-md/md.-code-insurance-8-513","jurisdiction":"us-md","citation":"Md. Code, Insurance § 8–513","heading":"","body":"(a) A person may not act as a reinsurance broker for an authorized insurer without a written authorization agreement between the reinsurance broker and the authorized insurer that states the responsibilities of the parties.\n(b) The authorization agreement required by this section shall provide that:\n(1) on written notice, the authorized insurer may terminate at any time the authority of the reinsurance broker to act for it; and\n(2) the reinsurance broker shall:\n(i) render accounts to the authorized insurer detailing all material transactions, including information necessary to support the commissions, charges, and other fees received by or owed to the reinsurance broker;\n(ii) remit all funds due to the authorized insurer within 30 days after receipt;\n(iii) hold in a fiduciary capacity in a qualified financial institution all funds collected for the account of the authorized insurer;\n(iv) keep all books, records, and accounts in accordance with § 8-514 of this subtitle;\n(v) comply with all written standards established by the authorized insurer for the cession or retrocession of all risks; and\n(vi) disclose to the authorized insurer any relationship of the reinsurance broker with a reinsurer to which business is ceded or retroceded.","path":["Article - Insurance"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gin\u0026section=8-513","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:28Z","sha256":"b25c8186a637353279079cbf1d9bdff986f9d0bfc26cc047b90ec8e82e89c331","source_id":"us-md","stale":false,"prev":"us-md/md.-code-insurance-8-512","next":"us-md/md.-code-insurance-8-514"},"notice":"GroundRules: Original legal text. Not legal advice."}