# Insurance (GIN)

## Title 8. Entities That Act as Insurers

### Subtitle 5. Reinsurance Intermediaries

#### 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 Sec. 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.

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Md. Code Ann., Ins. (as displayed at mgaleg.maryland.gov, October 16, 2026)