§ 83-19-201. Short title
Sections 83-19-201 through 83-19-221 may be cited as the Reinsurance Intermediary Act.
§ 83-19-203. Definitions
As used in Sections 83-19-201 through 83-19-221: “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. “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 the reinsurance […]
§ 83-19-205. Persons prohibited from acting as reinsurance intermediary broker; persons prohibited from acting as reinsurance intermediary manager; requirements of reinsurance intermediary managers; reinsurance intermediary license; conditions; grounds for refusal to issue license; exceptions to requirements of section
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 an officer, director or employee of a corporation: In this state, unless such reinsurance intermediary broker is […]
§ 83-19-207. Written authorization required for transactions between reinsurance intermediary broker and insurer; minimum contents of authorization
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. The authorization shall, at a minimum, contain provisions that: The insurer may terminate the reinsurance intermediary broker’s authority at any time. The reinsurance intermediary broker […]
§ 83-19-209. Records required to be kept by reinsurance intermediary broker; right of insurer to access, copy and audit records
For at least ten (10) years after expiration of each contract of reinsurance, the reinsurance intermediary broker shall keep a complete record for each transaction showing: The type of contract, limits, underwriting restrictions, classes or risks and territory; Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; Reporting and […]
§ 83-19-211. Required and prohibited acts of insurer with respect to reinsurance intermediary brokers
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 such person is licensed as required by Section 83-19-205. An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless […]
§ 83-19-213. Written contract required for transactions between reinsurance intermediary manager and reinsurer; filing of contract; minimum contents of contract
Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer’s board of directors. At least thirty (30) days before such reinsurer assumes or cedes business through such producer, […]
§ 83-19-215. Prohibited acts of reinsurance intermediary manager
The reinsurance intermediary manager shall not: Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are […]
§ 83-19-217. Required and prohibited acts of reinsurer with respect to reinsurance intermediary managers
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 such person is licensed as required by Section 83-19-205. The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager which such reinsurer […]
§ 83-19-219. Examination of reinsurance intermediary by commissioner; reinsurance intermediary manager examined as reinsurer; commissioner to adopt rules and regulations
A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner. A reinsurance intermediary manager may be examined as if it were the reinsurer. The commissioner may adopt reasonable rules and regulations […]
§ 83-19-221. Penalties for violations of §§ 83-19-201 through 83-19-221
A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 83-6-39, to be in violation of any provision(s) of Sections 83-19-201 through 83-19-221, shall: For each separate violation, pay a penalty in an amount not exceeding Five Thousand Dollars ($5,000.00); Be subject to revocation or suspension of […]