§ 23-62-410. Duties of reinsurers utilizing the services of a reinsurance intermediary manager
(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by § 23-62-404. (b) The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager which […]
§ 23-62-411. Examination authority
(a) (1) A reinsurance intermediary shall be subject to examination by the Insurance Commissioner. (2) The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (b) A reinsurance intermediary manager may be examined as if it were the reinsurer.
§ 23-62-412. Penalties and liabilities
(a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 — 23-61-307, to be in violation of any provision of this subchapter shall: (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to […]
§ 23-62-413. Rules
The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.
§ 23-62-402. Definitions
As used in this subchapter: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries; (2) “Controlling person” means any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed the management, control, or activities of a reinsurance […]
§ 23-62-403. Qualified United States financial institutions
For purposes of this subchapter, a “qualified United States financial institution” means an institution that: (1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof; (2) Is regulated, supervised, and examined by federal or state authorities […]
§ 23-62-404. Licensure
(a) No person, firm, association, or corporation shall act as a reinsurance intermediary broker in this state if the reinsurance intermediary broker maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation: (1) In this state, unless the reinsurance […]
§ 23-62-405. Required contract provisions — Reinsurance intermediary brokers
(a) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. (b) The authorization shall, at a minimum, provide that: (1) The insurer may terminate the reinsurance intermediary broker’s authority at any time; (2) The […]
§ 23-62-406. Books and records — Reinsurance intermediary brokers
(a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting restrictions, classes or risks, and territory; (2) The period of coverage, including effective and expiration […]
§ 23-62-407. Duties of insurers utilizing the services of a reinsurance intermediary broker
(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by § 23-62-404. (b) An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts […]