Section 27-52-1. – Short title.
§ 27-52-1. Short title. This chapter may be cited as the “Reinsurance Intermediary Act”. History of Section.P.L. 1992, ch. 445, § 1.
Section 27-52-10. – Examination authority.
§ 27-52-10. Examination authority. (a) 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. The cost of the examination shall be paid by the insurer in the same manner as […]
Section 27-52-11. – Penalties and liabilities.
§ 27-52-11. Penalties and liabilities. (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, to be in violation of any provision(s) of this chapter, shall: (1) For each separate violation, pay a penalty in an amount not […]
Section 27-52-12. – Rules and regulations.
§ 27-52-12. Rules and regulations. The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History of Section.P.L. 1992, ch. 445, § 1.
Section 27-52-13. – Repealed.
§ 27-52-13. Repealed.
Section 27-52-2. – Definitions.
§ 27-52-2. Definitions. As used in this chapter: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries; (2) “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 […]
Section 27-52-3. – Licensure.
§ 27-52-3. Licensure. (a) 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: (1) In this state, unless the RB is a […]
Section 27-52-4. – Required contract provisions — Reinsurance intermediary — Brokers.
§ 27-52-4. Required contract provisions — Reinsurance intermediary — Brokers. Transactions between a RB and the insurer it represents in that 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: (1) The insurer may terminate the RB’s authority at […]
Section 27-52-5. – Books and records — Reinsurance intermediary brokers.
§ 27-52-5. Books and records — Reinsurance intermediary brokers. (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: (1) The type of contract, limits, underwriting restrictions, classes, or risks and territory; (2) Period of […]
Section 27-52-6. – Duties of insurers utilizing the services of a reinsurance intermediary — Broker.
§ 27-52-6. Duties of insurers utilizing the services of a reinsurance intermediary — Broker. (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless that person is licensed as required by this chapter. (b) An insurer may not employ an individual […]
Section 27-52-7. – Required contract provisions — Reinsurance intermediary — Managers.
§ 27-52-7. Required contract provisions — Reinsurance intermediary — Managers. Transactions between a RM and the reinsurer it represents in that 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 (30) days before the […]
Section 27-52-8. – Prohibited acts.
§ 27-52-8. Prohibited acts. The RM shall not: (1) 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 the retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements […]
Section 27-52-9. – Duties of reinsurers utilizing the services of a reinsurance intermediary — Manager.
§ 27-52-9. Duties of reinsurers utilizing the services of a reinsurance intermediary — Manager. (a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a RM on its behalf unless that person is licensed as required by the provisions of this chapter. (b) The reinsurer shall annually […]