2005 Idaho Code - 41-5103 — LICENSURE

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 51
                         REINSURANCE INTERMEDIARY ACT
    41-5103.  LICENSURE. (1) No person, firm, association or corporation shall
act as a 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:
    (a)  In this state, unless such RB is a licensed producer in this state;
    or
    (b)  In another state, unless such RB is a licensed producer in this state
    or another state having a law substantially similar to this law or such RB
    is licensed in this state as a nonresident reinsurance intermediary.
    (2)  No person, firm, association or corporation shall act as a RM:
    (a)  For a reinsurer domiciled in this state, unless such RM is a licensed
    producer in this state;
    (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 such RM is a licensed
    producer in this state;
    (c)  In another state for a nondomestic insurer, unless such RM is a
    licensed producer in this state or another state having a law
    substantially similar to this law or such person is licensed in this state
    as a nonresident reinsurance intermediary.
    (3)  The director may require a RM subject to subsection (2) of this
section to:
    (a)  File a bond in an amount from an insurer acceptable to the director
    for the protection of the reinsurer; and
    (b)  Maintain an errors and omissions policy in an amount acceptable to
    the director.
    (4)  (a) The director may issue a reinsurance intermediary license to any
    person, firm, association or corporation who has complied with the
    requirements of this chapter. 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.
    (b)  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 director as agent for service of
    process in the manner, and with the same legal effect, provided for in
    this title for designation of service of process upon unauthorized
    insurers, and shall also furnish the director with the name and address of
    a resident of this state upon whom notices or orders of the director or
    process affecting such nonresident reinsurance intermediary may be served.
    Such licensee shall promptly notify the director in writing of every
    change in its designated agent for service of process, and such change
    shall not become effective until acknowledged by the director.
    (5)  The director 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 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 therefor,
the director will furnish a summary of the basis for refusal to issue a
license, which document shall be privileged and exempt from disclosure
pursuant to exemptions provided in chapter 3, title 9, Idaho Code.
    (6)  Licensed attorneys at law of this state when acting in their
professional capacity as such shall be exempt from the provisions of this
section.