40-4501 Citation of act.
40-4501. Citation of act. This act may be cited as the reinsurance intermediary act. History: L. 1992, ch. 15, § 1; Dec. 31.
40-4502 Definitions.
40-4502. Definitions. As used in this act: (a) “Actuary” means a person who is a member in good standing of the American academy of actuaries. (b) “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 […]
40-4503 Licensure of reinsurance brokers, managers and intermediaries, application fee; nonresidents, designation of agent for service of process; refund of commissioner to issue license; exemption for attorneys.
40-4503. Licensure of reinsurance brokers, managers and intermediaries, application fee; nonresidents, designation of agent for service of process; refund of commissioner to issue license; exemption for attorneys. (a) No person, firm, association or corporation shall act as a reinsurance broker in this state if the reinsurance broker maintains an office either directly or as a […]
40-4504 Contracts between reinsurance brokers and insurers; written authorization required, contents.
40-4504. Contracts between reinsurance brokers and insurers; written authorization required, contents. Transactions between a reinsurance 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, provide that: (a) The insurer may terminate the reinsurance […]
40-4505 Same; records to be maintained by reinsurance broker; rights of insurer to access, copy and audit records.
40-4505. Same; records to be maintained by reinsurance broker; rights of insurer to access, copy and audit records. (a) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance broker, the reinsurance broker shall keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting […]
40-4506 Same; conditions; broker to provide insurer annual statement of financial condition.
40-4506. Same; conditions; broker to provide insurer annual statement of financial condition. (a) An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance broker on its behalf unless such person is licensed as required by subsection (a) of K.S.A. 40-4503. (b) An insurer may not employ […]
40-4507 Contracts between reinsurance managers and reinsurers; writing and commissioner’s approval required; contents.
40-4507. Contracts between reinsurance managers and reinsurers; writing and commissioner’s approval required; contents. Transactions between a reinsurance 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 30 […]
40-4508 Same; reinsurance managers precluded from taking certain actions.
40-4508. Same; reinsurance managers precluded from taking certain actions. The reinsurance manager shall not: (a) Cede retrocessions on behalf of the reinsurer, except that the reinsurance manager may cede faculative retrocessions pursuant to obligatory faculative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list […]
40-4509 Same; conditions; manager to provide reinsurer annual statement of financial condition; actuarial opinion on adequacy of loss reserves; authority over retrocessional contracts and syndicate participation; notice of contract termination to commissioner; reinsurance manager, officers, directors, employees, controlling shareholders and subproducers ineligible for appointment to reinsurer board.
40-4509. Same; conditions; manager to provide reinsurer annual statement of financial condition; actuarial opinion on adequacy of loss reserves; authority over retrocessional contracts and syndicate participation; notice of contract termination to commissioner; reinsurance manager, officers, directors, employees, controlling shareholders and subproducers ineligible for appointment to reinsurer board. (a) A reinsurer shall not engage the services […]
40-4510 Examination; access to books, bank accounts and records.
40-4510. Examination; access to books, bank accounts and records. (a) A reinsurance intermediary shall be subject to examination by the commissioner pursuant to K.S.A. 40-222 and 40-223 and amendments thereto. 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 […]
40-4512 Rules and regulations.
40-4512. Rules and regulations. The commissioner may adopt rules and regulations for the implementation and administration of this act. History: L. 1992, ch. 15, § 12; Dec. 31.
40-4513 Continuation of existing contracts.
40-4513. Continuation of existing contracts. Contracts between an insurer and a reinsurance broker or a reinsurer and a reinsurance manager which became effective on or before the effective date of this act may continue in full effect and force until June 30, 1993. History: L. 1992, ch. 15, § 13; Dec. 31.