20-486. Definitions; director’s list A. In this article, unless the context otherwise requires: 1. " Actuary" means a person who is a member in good standing of the American academy of actuaries. 2. " Controlling person" means a person, firm, association or corporation that directly or indirectly has the power to direct or cause to […]
20-486.01. Licensure of reinsurance intermediaries A. A person, firm, association or corporation shall not act as a reinsurance intermediary broker in this state unless: 1. With respect to a reinsurance intermediary broker who maintains an office in this state, whether directly or as a member or employee of a firm or association or as an […]
20-486.02. Required contract provisions; reinsurance intermediary brokers A reinsurance intermediary broker and the insurer it represents as a reinsurance intermediary shall enter into a written contract that specifies the responsibilities of each party. The contract at a minimum shall provide that: 1. The insurer may terminate the reinsurance intermediary broker’s authority at any time. 2. […]
20-486.03. Books and records; reinsurance intermediary brokers A. For at least ten years after a contract of reinsurance transacted by the reinsurance intermediary broker expires, the reinsurance intermediary broker shall maintain a complete record for each transaction that shows: 1. The type of contract, limits, underwriting restrictions, classes or risks and territory. 2. The period […]
20-486.04. Duties of insurers utilizing the services of a reinsurance intermediary broker A. An insurer shall not engage the services of a person, firm, association or corporation to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by section 20-486.01. B. An insurer may not employ an individual […]
20-486.05. Required contract provisions; reinsurance intermediary managers A reinsurance intermediary manager and the reinsurer it represents as a reinsurance intermediary shall enter into a written contract that specifies the responsibilities of each party. The reinsurer’s board of directors shall approve the contract. At least thirty days before the reinsurer assumes or cedes business through the […]
20-486.06. Books and records; reinsurance intermediary managers A. For at least ten years after a contract of reinsurance transacted by the reinsurance intermediary manager expires, the reinsurance intermediary manager shall maintain a complete record for each transaction that shows: 1. The type of contract, limits, underwriting restrictions, classes or risks and territory. 2. The period […]
20-486.07. Prohibited acts; reinsurance intermediary managers The reinsurance intermediary manager shall not: 1. Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for retrocessions. The guidelines shall include a list of reinsurers […]
20-486.08. Duties of reinsurers utilizing the services of a reinsurance intermediary manager A. A reinsurer shall not engage the services of a person, firm, association or corporation to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by section 20-486.01. B. The reinsurer annually shall obtain a copy […]
20-486.09. Examination authority A. A reinsurance intermediary is subject to examination by the director. The director shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the director. B. A reinsurance intermediary manager may be examined as if it is the reinsurer.
20-486.10. Penalties and liabilities A. A reinsurance intermediary, insurer or reinsurer that after a hearing is found by the director to be in violation of this article: 1. For each separate violation, shall pay a penalty in an amount of not to exceed five thousand dollars. 2. Is subject to revocation or suspension of its […]
20-486.11. Adoption of rules The director may adopt rules for the implementation and administration of the provisions of this article.
