27-6-9-1. Actuary
Sec. 1. As used in this chapter, “actuary” means a person who is a member in good standing of the American Academy of Actuaries. As added by P.L.26-1991, SEC.26.
27-6-9-10. To Be in Violation
Sec. 10. As used in this chapter, “to be in violation” means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this chapter. As added by P.L.26-1991, SEC.26.
27-6-9-11. “Qualified United States Financial Institution”
Sec. 11. As used in this chapter, “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; (2) is regulated, supervised, and examined by United States federal or […]
27-6-9-12. Reinsurance Intermediary-Broker; Requirements
Sec. 12. No person, firm, association, or corporation may act as a RB in Indiana if the RB 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 Indiana, unless the RB is a licensed producer in […]
27-6-9-13. Reinsurance Intermediary-Manager; Requirements
Sec. 13. No person, firm, association, or corporation may act as a RM: (1) for a reinsurer domiciled in this state, unless the RM is a licensed producer in this state; (2) in this state, if the RM maintains an office either directly, or as a member or employee of a firm, limited liability company, […]
27-6-9-14. Bond; Errors and Omissions Policy
Sec. 14. The commissioner may require a RM subject to section 13 of this chapter to: (1) file a bond from an insurer in an amount acceptable to the commissioner for the protection of the reinsurer; and (2) maintain an errors and omissions policy in an amount acceptable to the commissioner. As added by P.L.26-1991, […]
27-6-9-15. Reinsurance Intermediary License; Issuance; Application; Authority to Act; Nonresidents
Sec. 15. (a) The commissioner may issue a reinsurance intermediary license to any person, firm, association, or corporation who has complied with the requirements of this chapter. Any license issued to a firm or association under this section authorizes all the members of the firm or association and any designated employees to act as reinsurance […]
27-6-9-16. Refusal to Issue License; Conditions; Summary
Sec. 16. (a) The commissioner may refuse to issue a reinsurance intermediary license if, in the commissioner’s judgment: (1) the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant, is not trustworthy; (2) any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary; […]
27-6-9-17. Attorneys; Exemptions
Sec. 17. Attorneys licensed to practice in Indiana, when acting in their professional capacity, are exempt from sections 12 through 16 of this chapter. As added by P.L.26-1991, SEC.26.
27-6-9-18. Transactions Between Reinsurance Intermediary-Broker and Insurer; Written Authorization; Contents
Sec. 18. Transactions between a RB and the insurer it represents in the capacity of RB shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions stating the following: (1) The insurer may terminate the RB’s authority at any time. (2) […]
27-6-9-19. Record of Transactions; Contents; Insurer Access
Sec. 19. (a) For at least ten (10) years after the expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing the following: (1) The type of contract, limits, underwriting restrictions, classes or risks and territory. (2) Period of coverage, including effective and expiration […]
27-6-9-2. Commissioner
Sec. 2. As used in this chapter, “commissioner” refers to the insurance commissioner appointed under IC 27-1-1-2. As added by P.L.26-1991, SEC.26.
27-6-9-20. Engagement of Services of Reinsurance Intermediary-Broker; Employment of an Individual Employed by an Rb; Financial Condition; Requirements
Sec. 20. (a) An insurer may not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless such person is licensed as required by section 12 of this chapter. (b) An insurer may not employ an individual who is employed by a RB with which it […]
27-6-9-21. Transactions Between Reinsurance Intermediary-Manager and Reinsurer; Written Contract; Contents
Sec. 21. Transactions between a RM and the reinsurer it represents in the capacity of RM may only be entered into pursuant to a written contract, specifying the responsibilities of each party, which must be approved by the reinsurer’s board of directors. At least thirty (30) days before a reinsurer assumes or cedes business through […]
27-6-9-22. Binding of Retrocessions on Behalf of Reinsurers by Rm; Conditions; Reinsurance Syndicates; Appointment of Producers; Payment of Claims; Collection of Payment; Settlements; Employment of Reinsurer Employee; Sub-Rms
Sec. 22. (a) A RM may 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. Guidelines referred to in this subsection must include a list of reinsurers with which the […]
27-6-9-23. Engagement of Services of a Reinsurance Intermediary-Manager; Statement of Financial Condition; Loss Reserves; Authority to Contract; Termination; Board of Directors
Sec. 23. (a) A reinsurer may not engage the services of any person, firm, association, or corporation to act as a RM on its behalf unless the person engaged is licensed as required by section 13 of this chapter. (b) A reinsurer shall annually obtain a copy of statements of the financial condition of each […]
27-6-9-24. Examination by Commissioner; Access to Records
Sec. 24. (a) A reinsurance intermediary is 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. (b) A RM may be examined as if it were the reinsurer. As added by P.L.26-1991, SEC.26.
27-6-9-25. Violations; Penalties; Review; Effect on Third Parties
Sec. 25. (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with IC 4-21.5, to be in violation of any provision of this chapter, shall: (1) for each separate violation, pay an administrative penalty in an amount not exceeding five thousand dollars ($5,000); (2) be subject to […]
27-6-9-26. Rules for Implementation and Administration of Chapter
Sec. 26. The commissioner may adopt rules under IC 4-22-2 for the implementation and administration of this chapter. As added by P.L.26-1991, SEC.26.
27-6-9-3. Controlling Person
Sec. 3. As used in this chapter, “controlling person” means any person, firm, association, limited liability company, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. As added by P.L.26-1991, SEC.26. Amended by P.L.8-1993, SEC.423.