Section 521C.1 – Short title.
521C.1 Short title. This chapter shall be known and may be cited as the “Reinsurance Intermediary Model Act.” 91 Acts, ch 26, §19
Section 521C.10 – Examination authority.
521C.10 Examination authority. 1. A reinsurance intermediary is 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. 2. A reinsurance intermediary-manager may be examined as if it were the reinsurer. 91 Acts, ch 26, §28
Section 521C.11 – Penalties and liabilities.
521C.11 Penalties and liabilities. 1. a. A reinsurance intermediary or other person found by the commissioner, after a hearing conducted in accordance with chapter 17A, to have not materially complied with a provision of this chapter is subject to one or more of the following: (1) For each separate violation, a civil penalty in an […]
Section 521C.12 – Rules.
521C.12 Rules. The commissioner may adopt rules, pursuant to chapter 17A, as necessary or convenient for the administration of this chapter. 91 Acts, ch 26, §30
Section 521C.13 – Service of process made on the commissioner as the agent for service of process.
521C.13 Service of process made on the commissioner as the agent for service of process. Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30. 2018 Acts, ch 1018, §14
Section 521C.2 – Definitions.
521C.2 Definitions. As used in this chapter, 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 who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities […]
Section 521C.3 – Licensure.
521C.3 Licensure. 1. A person shall not act as a reinsurance intermediary-broker in this state if the person maintains an office in this state or another state individually or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation, unless the person is a licensed […]
Section 521C.4 – Required contract provisions — reinsurance intermediary-brokers.
521C.4 Required contract provisions — reinsurance intermediary-brokers. Transactions between a reinsurance intermediary-broker and the insurer that the reinsurance intermediary-broker 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, contain provisions that satisfy all of the following requirements: 1. […]
Section 521C.5 – Books and records — reinsurance intermediary-brokers.
521C.5 Books and records — reinsurance intermediary-brokers. 1. For a minimum of ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following: a. The type of contract, limits, underwriting restrictions, classes or risks, and territory. […]
Section 521C.6 – Duties of insurers utilizing the services of a reinsurance intermediary-broker.
521C.6 Duties of insurers utilizing the services of a reinsurance intermediary-broker. 1. 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 521C.3, subsection 1. 2. An insurer shall not employ an individual […]
Section 521C.7 – Required contract provisions — reinsurance intermediary-managers.
521C.7 Required contract provisions — reinsurance intermediary-managers. Transactions between a reinsurance intermediary-manager and the reinsurer that the reinsurance intermediary-manager 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 thirty days before the […]
Section 521C.8 – Prohibited acts.
521C.8 Prohibited acts. The reinsurance intermediary-manager shall not do any of the following: 1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The guidelines shall include a list of […]
Section 521C.9 – Duties of reinsurers utilizing the services of a reinsurance intermediary-manager.
521C.9 Duties of reinsurers utilizing the services of a reinsurance intermediary-manager. 1. A reinsurer shall not engage the services of a person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by section 521C.3, subsection 2. 2. The reinsurer shall annually obtain a copy of statements of the […]