RSA 402-F:2 · Licensure

402-F:2 Licensure. –

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I.

No person, firm, association or corporation shall act as an RB in this state if the RB 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:

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(a)

In this state, unless the RB is a licensed producer or reinsurance intermediary in this state; or

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(b)

In another state, unless the RB is a licensed producer or reinsurance intermediary in this state or another state having a law substantially similar to this law.

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II.

No person, firm, association or corporation shall act as an RM:

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(a)

For a reinsurer domiciled in this state, unless the RM is a licensed producer or reinsurance intermediary in this state.

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(b)

In this state, if the RM 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 the RM is a licensed producer or reinsurance intermediary in this state.

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III.

The commissioner may require a resident RM subject to paragraph II to:

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(a)

File a bond in an amount from an insurer acceptable to the commissioner for the protection of the reinsurer; and

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(b)

Maintain an errors and omissions policy in an amount acceptable to the commissioner.

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IV.

The commissioner may issue a reinsurance intermediary license to any person, firm, association or corporation who has complied with the requirements of this chapter. A 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 to the application. A license issued to a corporation shall authorize all of the officers, and any designated employees and directors of the corporation, to act as reinsurance intermediaries on behalf of the corporation, and all such persons shall be named in the application and any supplements to the application.

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V.

The commissioner shall issue a nonresident reinsurance intermediary license if:

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(a)

The person is currently licensed as a resident reinsurance intermediary or insurance producer and in good standing in his or her home state.

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(b)

The person has submitted the proper request for licensure and has paid the fees required by RSA 400-A:29.

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(c)

The person has submitted or transmitted to the insurance commissioner the application for licensure that the person submitted to his or her home state, or in lieu of that application, a completed application deemed appropriate by the commissioner.

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(d)

The person's home state awards nonresident licenses to residents of this state on the same basis.

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VI.

The commissioner may refuse to issue a reinsurance intermediary license if, in his or her judgment, the applicant, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy, or that any controlling person of such applicant is not trustworthy to act as a reinsurance intermediary, or that 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. Upon written request, the commissioner shall furnish a summary of the basis for refusal to issue a license, which document shall be privileged and not subject to RSA 91-A.

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VII.

Licensed attorneys at law of this state when acting in their professional capacity as such shall be exempt from this section. Source. 1991, 200:1. 1993, 254:7. 1997, 284:7. 2007, 255:2, eff. Jan. 1, 2008.

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