Maryland Insurance Section 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.