500.1151 Definitions. Sec. 1151. As used in this chapter: (a) “Actuary” means a person who is a member in good standing of the American academy of actuaries, the society of actuaries, or the casualty actuarial society. (b) “Qualified United States Financial institution” means an institution that meets either subparagraph (i) or (ii): (i) Is organized, […]
500.1153 Person acting as reinsurance intermediary-broker; bond; license; nonresident; service of process; refusal to issue license. Sec. 1153. (1) A person shall not act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker, either directly or as a member or employee of a firm or association, or as an officer, director, or employee […]
500.1155 Transactions between reinsurance intermediary-broker and insurer; authorization. Sec. 1155. Transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity shall be entered into only pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide for all of the following: (a) That the insurer […]
500.1157 Record of transaction. Sec. 1157. For at least 10 years after expiration of each contract of reinsurance transacted by a reinsurance intermediary, the reinsurance intermediary will 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. (b) Period of […]
500.1159 Person acting as reinsurance-broker; license required; employment of individual employed by reinsurance intermediary-broker; annual copy of statements of financial condition. Sec. 1159. (1) An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by section 1153. (2) An […]
500.1161 Transactions between reinsurance intermediary-manager and reinsurer; contract. Sec. 1161. Transactions between a reinsurance intermediary-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 the […]
500.1163 Reinsurance intermediary-manager; prohibited conduct. Sec. 1163. A reinsurance intermediary-manager shall not do any of the following: (a) 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 such retrocessions. These guidelines shall […]
500.1165 Reinsurance intermediary-manager; license required; obtaining annual copy of statement of financial condition and opinion of actuary; authority for retrocessional contracts or participation in reinsurance syndicates; termination of contract; appointment to board of directors. Sec. 1165. (1) A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its […]
500.1167 Reinsurance intermediary and reinsurance intermediary-manager; examination of books, bank accounts, and records. Sec. 1167. (1) 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. (2) A reinsurance intermediary-manager may […]
500.1169 Violation; penalties. Sec. 1169. (1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of any of the provisions of this chapter, after a hearing held pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of […]
500.1171 Reinsurance intermediary; use of services. Sec. 1171. Neither an insurer nor a reinsurer shall continue to use the services of a reinsurance intermediary on or after December 31, 1994 except in compliance with this chapter. History: Add. 1994, Act 226, Imd. Eff. June 27, 1994 Popular Name: Act 218
