Duties of insurers utilizing the services of a reinsurance intermediary-broker

(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance broker on its behalf unless the person is licensed as required by § 31-1802(a). (b) An insurer may not employ an individual who is employed by a reinsurance broker with which it transacts business, unless the reinsurance broker is under common control with the insurer and subject to Chapter 7 of this title. (c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance broker with which it transacts business.