402-F:1 Definitions. – In this chapter: I. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. II. "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 […]
402-F:10 Penalties and Liabilities. – I. If the commissioner determines that the reinsurance intermediary or any other person has not materially complied with this chapter, or any rule or order adopted under this chapter, after notice and opportunity to be heard, the commissioner may order: (a) For each separate violation, a civil penalty in […]
402-F:10-a Reciprocity. – I. The insurance commissioner shall waive any requirements for a nonresident license application with a valid license from the applicant’s home state, except the requirements imposed by RSA 402-F:2, if the applicant’s home state awards nonresident licenses to residents of this state on the same basis. II. A nonresident reinsurance intermediary’s […]
402-F:10-b Service of Process. – A reinsurance intermediary, by accepting licensure in this state, is deemed to have consented to the jurisdiction of the commissioner and the courts of this state with respect to all activities conducted under the license, and to have designated the commissioner as its agent for service of process. Each […]
402-F:11 Rulemaking. – The commissioner may adopt rules, under RSA 541-A which are reasonable and necessary for the implementation and administration of this chapter, relative to: I. Qualifications and application review procedures for licensure under RSA 402-F:2. II. License suspension and revocation procedures. III. Procedures for inspecting books, accounts, and records, under RSA 402-F:9. […]
402-F:12 Other Applicable Provisions. – The provisions of title XXXVII apply to reinsurance intermediaries. Source. 1997, 284:11, eff. Jan. 1, 1998.
402-F:2 Licensure. – I. No person, firm, association or corporation shall act as an RB in this state if the RB 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: (a) In this state, unless the RB is […]
402-F:3 Required Contract Provisions; Reinsurance Intermediary-Brokers. – Transactions between an RB 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: I. The insurer may terminate the RB’s authority at any time. […]
402-F:4 Books and Records; Reinsurance Intermediary-Brokers. – I. For at least 10 years after expiration of each contract of reinsurance transacted by the RB, the RB shall keep a complete record for each transaction showing: (a) The type of contract, limits, underwriting restrictions, classes or risks and territory. (b) Period of coverage, including effective […]
402-F:5 Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker. – I. An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf, unless the person is licensed as required by RSA 402-F:2, I. II. An insurer may not employ an individual […]
402-F:6 Required Contract Provisions; Reinsurance Intermediary-Managers. – Transactions between an RM 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 days before such reinsurer assumes or […]
402-F:7 Prohibited Acts. – The RM shall not: I. Cede retrocessions on behalf of the reinsurer, except that the RM may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocession. The guidelines shall include a list of reinsurers with which such automatic […]
402-F:8 Duties of Reinsurers Utilizing the Services of an RM. – I. A reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless the person is licensed as required by RSA 402-F:2. II. The reinsurer shall annually obtain a copy of statements […]
402-F:9 Examination Authority. – I. 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. II. An RM may be examined as if it were the reinsurer. Source. 1991, 200:1. […]
402-F:9-a Compliance With Orders. – I. An RB or RM shall comply with any order of a court of competent jurisdiction or a duly constituted arbitration panel requiring the production of non-privileged documents by the RB or RM, or the testimony of an employee or other individual otherwise under the control of the RB […]
