§ 33-49-1. Short Title
This chapter shall be known and may be cited as the “Reinsurance Intermediary Act.” History. Code 1981, § 33-49-1 , enacted by Ga. L. 1991, p. 1424, § 8.
§ 33-49-10. Examination of Reinsurance Intermediaries and Managers by Commissioner
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. A manager may be examined as if it were the reinsurer. History. Code 1981, § 33-49-10 , enacted by Ga. L. […]
§ 33-49-11. Violations; Penalties
A reinsurance intermediary, insurer, or reinsurer found by the Commissioner, after a hearing conducted in accordance with Chapter 2 of this title, to be in violation of any provision of this chapter, shall: For each separate violation, pay a penalty in an amount not exceeding $10,000.00; Be subject to revocation or suspension of its license; […]
§ 33-49-2. Definitions
As used in this chapter, the term: “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. “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 the reinsurance […]
§ 33-49-3. Brokers and Managers Required to Be Licensed Producers; Surety Bond; Errors and Omissions Policy; Reinsurance Intermediary License; Exemption
No person, firm, association, or corporation shall 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 as an officer, director, or employee of a corporation: In this state, unless such broker is a licensed producer in this […]
§ 33-49-4. Written Authorization of Relationship Required; Contents
Transactions between a broker 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: The insurer may terminate the broker’s authority at any time; The broker will render accounts to the insurer accurately […]
§ 33-49-5. Retention of Records
For at least ten years after expiration of each contract of reinsurance transacted by the broker, the broker will keep a complete record for each transaction showing: The type of contract, limits, underwriting restrictions, classes or risks, and territory; The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation; […]
§ 33-49-6. Prohibition Against Employing Unlicensed Broker or Individual Employed by Broker; Annual Statement of Broker’s Financial Condition Required
An insurer shall not engage the services of any person, firm, association, or corporation to act as a broker on its behalf unless such person is licensed as required by subsection (a) of Code Section 33-49-3. An insurer may not employ an individual who is employed by a broker with which it transacts business unless […]
§ 33-49-7. Written Contract Required Between Manager and Reinsurer; Contents
Transactions between a manager 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 cedes business through such producer, a true copy […]
§ 33-49-8. Restrictions on Manager’s Operations
The manager shall not: Cede retrocessions on behalf of the reinsurer, except that the manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for […]
§ 33-49-9. Restrictions on Reinsurer’s Operations
A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a manager on its behalf unless such person is licensed as required by subsection (b) of Code Section 33-49-3. The reinsurer shall annually obtain a copy of statements of the financial condition of each manager which such reinsurer […]