58-9-11. Broker and insurer transactions. (a) Transactions between a broker and the insurer it represents as a broker shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall include provisions to the effect that: (1) The insurer may terminate the broker’s authority at any time. (2) […]
58-9-16. Manager and reinsurer transactions. (a) Transactions between a manager and the reinsurer it represents as a manager 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 the reinsurer assumes or cedes business […]
58-9-2. Reinsurance intermediaries. (a) As used in this Article: (1) "Actuary" means a person who meets the standards of a qualified actuary, as specified in the NAIC Annual Statement Instructions, as amended or clarified by rule or order of the Commissioner, for the type of insurer for which an intermediary is establishing loss reserves. (2) […]
58-9-21. Miscellaneous provisions. (a) A reinsurer shall not engage the services of any person to act as a manager on its behalf unless the person is licensed under G.S. 58-9-6 or exempted under this Article. (b) If a manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the […]
58-9-22. Compliance with orders. An intermediary shall comply with any order of a court of competent jurisdiction or a duly constituted arbitration panel requiring the production of nonprivileged documents by the intermediary or the testimony of an employee or other individual otherwise under the control of the intermediary with respect to any reinsurance transaction for […]
58-9-26. Sanctions. (a) If the Commissioner determines that any person has not materially complied with this Article or with any rule adopted or order issued under this Article, after notice and opportunity to be heard, the Commissioner may order: (1) For each separate violation, a civil penalty under the procedures in G.S. 58-2-70(d); or (2) […]
58-9-6. Licensing. (a) The Commissioner shall issue an intermediary license or an exemption from the license, subject to G.S. 58-9-2(b)(2) or G.S. 58-9-2(c)(3), to any person who has complied with the requirements of this Article. A license issued to a non corporate entity authorizes all of the members of the entity and any designated employees […]
