§ 10-2-901. Short Title
This part 9 shall be known and may be cited as the “Reinsurance Intermediary Act”. Source: L. 93: Entire article R&RE, p. 1374, § 1, effective January 1, 1995. Editor’s note: This section is similar to former § 10-2-301 as it existed prior to 1993.
§ 10-2-902. Definitions
As used in this part 9, unless the context otherwise requires: “Controlling person” means any person, firm, association, or corporation that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of the reinsurance intermediary. “Insurer” means any person, firm, association, or corporation duly licensed in this […]
§ 10-2-903. Licensure
No person, firm, association, or corporation shall act as an RP in this state if the RP 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 RP is a licensed producer in this state; […]
§ 10-2-904. Required Contract Provisions – Reinsurance Intermediary-Producers
Transactions between an RP and the insurer such RP represents 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 RP’s authority at any time; The RP shall render accounts to the insurer accurately detailing […]
§ 10-2-905. Books and Records – Reinsurance Intermediary-Producers
For at least ten years after expiration of each contract of reinsurance transacted by the RP, the RP shall keep a complete record for each transaction showing: The type of contract, limits, underwriting restrictions, classes, or risks and territory; The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation; […]
§ 10-2-906. Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Producer
An insurer shall not engage the services of any person, firm, association, or corporation to act as an RP on its behalf unless such person is licensed as required by section 10-2-903 (1). An insurer may not employ an individual who is employed by an RP with which it transacts business, unless such RP is […]
§ 10-2-907. Required Contract Provisions – Reinsurance Intermediary-Managers
Transactions between an RM and the reinsurer such RM represents 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 copy of the […]
§ 10-2-908. Prohibited Acts
The RM shall not: Bind retrocessions on behalf of the reinsurer; except that the RM 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 in effect, and for […]
§ 10-2-909. Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary-Manager
A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless such person is licensed as required by section 10-2-903 (2). The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared […]
§ 10-2-910. Examination Authority
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. An RM may be examined as if it were the reinsurer. Source: L. 93: Entire article R&RE, p. 1382, § 1, […]