Maryland § 8-513
Full text of Maryland Maryland Code § 8-513, with citation guidance and answers to common questions.
§ 8-513.
(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.
(b) The authorization agreement required by this section shall provide that:
(1) on written notice, the authorized insurer may terminate at any time the authority of the reinsurance broker to act for it; and
(2) the reinsurance broker shall:
(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;
(ii) remit all funds due to the authorized insurer within 30 days after receipt;
(iii) hold in a fiduciary capacity in a qualified financial institution all funds collected for the account of the authorized insurer;
(iv) keep all books, records, and accounts in accordance with § 8-514 of this subtitle;
(v) comply with all written standards established by the authorized insurer for the cession or retrocession of all risks; and
(vi) disclose to the authorized insurer any relationship of the reinsurance broker with a reinsurer to which business is ceded or retroceded.
Frequently Asked Questions About Maryland § 8-513
What does Maryland Code § 8-513 cover?
Section 8-513 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 8-513?
A common citation format is "Maryland Code § 8-513" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 8-513 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.