Section 58-14-43 – Restrictions on brokers connected to a firm or association.
58-14-43. Restrictions on brokers connected to a firm or association. No person may act as a broker in this state if the broker 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 broker is […]
Section 58-14-44 – Restrictions on who may act as agent.
58-14-44. Restrictions on who may act as agent. No person, firm, association, or corporation may act as an agent: (1)For a reinsurer domiciled in this state, unless the agent is a licensed producer in this state; (2)In this state, if the agent maintains an office either directly or as a member or employee of a […]
Section 58-14-33 – Additional provisions of contract.
58-14-33. Additional provisions of contract. In addition to standards set forth in §58-14-29, the contract shall provide: (1)That the reinsurer and insurer shall have access and the right to copy and audit all accounts and records maintained by the agent or broker related to its business in a form usable by the insurer and reinsurer; […]
Section 58-14-34 – Handling of reinsurer.
58-14-34. Handling of reinsurer. If the contract permits the agent or broker to settle claims on behalf of the reinsurer, the contract shall state the claims shall be handled as follows: (1)All claims shall be reported to the reinsurer in a timely manner; (2)A copy of the claim file shall be sent to the reinsurer […]
Section 58-14-35 – Restrictions on agent.
58-14-35. Restrictions on agent. The agent may not: (1)Cede retrocessions on behalf of the reinsurer. However, the agent or broker 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 automatic agreements are […]
Section 58-14-36 – Loss reserves–Actuary’s opinion–Employee of agent or broker not to be appointed to reinsurer’s board of directors.
58-14-36. Loss reserves–Actuary’s opinion–Employee of agent or broker not to be appointed to reinsurer’s board of directors. If an agent or broker establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the agent. This […]
Section 58-14-37 – Examination of agent or broker–Cost.
58-14-37. Examination of agent or broker–Cost. Any person doing business as an agent or broker under §§58-14-24 to 58-14-42, inclusive, is subject to examination by the director. The director shall have access to all books, bank accounts and records of the person in a form usable to the director. Any person contracting with a reinsurer […]
Section 58-14-38 – Penalty for violation.
58-14-38. Penalty for violation. Any agent or broker, insurer or reinsurer found by the director, after a hearing conducted in accordance with chapter 1-26, to be in violation of any provision of §§58-14-24 to 58-14-42, inclusive, shall: (1)For each separate violation, pay a penalty in an amount not exceeding five thousand dollars; (2)Be subject to […]
Section 58-14-39 – Rights of third party.
58-14-39. Rights of third party. Nothing contained in §§58-14-24 to 58-14-42, inclusive, limits or restricts the rights of policyholders, claimants, creditors, or other third parties or confer any rights to those persons. Source: SL 1992, ch 345, §16.
Section 58-14-40 – Adoption of rules.
58-14-40. Adoption of rules. The director may adopt rules pursuant to chapter 1-26 for the implementation and administration of the provisions of §§58-14-24 to 58-14-42, inclusive. Source: SL 1992, ch 345, §17.