Chapter 59A, Article 12D [NMSA 1978] may be cited as the “Reinsurance Intermediary Law”. History: 1978 Comp., § 59A-12D-1, enacted by Laws 1993, ch. 320, § 42. ANNOTATIONS Bracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.
A. A reinsurance intermediary shall be subject to examination by the superintendent. The superintendent shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the superintendent. B. A reinsurance intermediary-manager may be examined as if it were the reinsurer. History: 1978 Comp., § 59A-12D-10, enacted by […]
A. If the superintendent determines that the reinsurance intermediary or any other person has not materially complied with the provisions of the Reinsurance Intermediary Law, or any regulation or order promulgated thereunder, after notice and opportunity to be heard, the superintendent may order: (1) for each separate violation, a penalty in an amount not exceeding […]
No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary on or after July 1, 1993, unless utilization is in compliance with the Reinsurance Intermediary Law. History: 1978 Comp., § 59A-12D-12, enacted by Laws 1993, ch. 320, § 53.
As used in the Reinsurance Intermediary Law: A. “actuary” means a person who is a member in good standing of the American academy of actuaries; B. “controlling persons” 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. No person, firm, association or corporation shall act as a reinsurance intermediary-broker in this state if it 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: (1) in this state, unless such reinsurance intermediary-broker is a licensed producer […]
The 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, provide that: A. the insurer may terminate the reinsurance intermediary-broker’s authority at any time; B. the reinsurance intermediary-broker shall […]
A. For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing: (1) the type of contract, limits, underwriting restrictions, classes or risks and territory; (2) period of coverage, including effective and expiration dates, cancellation provisions and […]
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 such person is licensed as required by Subsection A of Section 59A-12D-3 NMSA 1978. B. An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with […]
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 days before such reinsurer assumes or cedes business through such producer, a true […]
The reinsurance intermediary-manager shall not: A. cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede 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 reinsures with which such automatic agreements are in […]
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 such person is licensed as required by Subsection B of Section 59A-12D-3 NMSA 1978. B. The reinsurer shall annually obtain a copy of statements of the financial condition of each […]
