Section 375.1110 – Citation of law.
Effective – 01 Jul 1992 375.1110. Citation of law. — Sections 375.1110 to 375.1140 may be cited as the “Reinsurance Intermediary Act”. ——– (L. 1991 H.B. 385, et al. § 37) Effective 7-01-92
Section 375.1112 – Definitions.
Effective – 01 Jul 1992 375.1112. Definitions. — As used in sections 375.1110 to 375.1140, the following terms mean: (1) “Actuary”, a person who is a member in good standing of the American Academy of Actuaries; (2) “Controlling person”, any person, firm, association or corporation who directly or indirectly has the power to direct or […]
Section 375.1115 – Reinsurance intermediary, license issued by director — requirements — attorneys exempt from requirements.
Effective – 01 Jul 1992 375.1115. Reinsurance intermediary, license issued by director — requirements — attorneys exempt from requirements. — 1. No person, firm, association or corporation shall act as an RB in this state if the RB maintains an office either directly or as a member or employee of a firm or association, or […]
Section 375.1117 – Transactions between insurer and broker, written authorization required — contents.
Effective – 01 Jul 1992 375.1117. Transactions between insurer and broker, written authorization required — contents. — Transactions between an RB 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, contain provisions that: (1) […]
Section 375.1120 – Records to be maintained by broker, duration — contents.
Effective – 01 Jul 1992 375.1120. Records to be maintained by broker, duration — contents. — 1. For at least twenty-three years after expiration of each contract of reinsurance of medical malpractice insurance and transacted by the RB, and for at least ten years after expiration of each contract of reinsurance or any other insurance […]
Section 375.1122 – Insurer’s use of broker, restrictions — financial condition statement required.
Effective – 01 Jul 1992 375.1122. Insurer’s use of broker, restrictions — financial condition statement required. — 1. An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf, unless such person is licensed as required by subsection 1 of section 375.1115. 2. An […]
Section 375.1125 – Transactions between manager and insurer, written contract required, contents — records to be maintained by manager, contents.
Effective – 01 Jul 1992 375.1125. Transactions between manager and insurer, written contract required, contents — records to be maintained by manager, contents. — Transactions between an RM 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 […]
Section 375.1127 – Reinsurance manager, prohibited acts.
Effective – 01 Jul 1992 375.1127. Reinsurance manager, prohibited acts. — The RM shall not: (1) Bind retrocessions on behalf of the reinsurer, except that the RM may bind 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 […]
Section 375.1130 – Insurer’s use of manager, restrictions — financial condition statement required.
Effective – 01 Jul 1992 375.1130. Insurer’s use of manager, restrictions — financial condition statement required. — 1. The reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by subsection 2 of section 375.1115. 2. The […]
Section 375.1132 – Examination of reinsurance manager, director may conduct.
Effective – 01 Jul 1992 375.1132. Examination of reinsurance manager, director may conduct. — 1. A reinsurance intermediary shall be 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. 2. An RM may be examined […]
Section 375.1135 – Penalties, director may assess, procedures.
Effective – 28 Aug 2007 375.1135. Penalties, director may assess, procedures. — 1. If the director determines that a reinsurance intermediary, insurer, or reinsurer has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 375.1110 to 375.1140 or a […]
Section 375.1137 – Application fee, reinsurance intermediary license — renewal.
Effective – 01 Jul 1992 375.1137. Application fee, reinsurance intermediary license — renewal. — The initial application fee for a reinsurance intermediary license is one hundred dollars. The license shall be renewed annually on the anniversary date of issuance and continue in effect until refused, revoked or suspended by the director in accordance with sections […]
Section 375.1140 – Effective date.
Effective – 01 Jul 1992 375.1140. Effective date. — Sections 375.1110 to 375.1140 shall take effect on July 1, 1992. No insurer or reinsurer may continue to use the services of a reinsurance intermediary on and after July 1, 1992, unless such use is in compliance with sections 375.1110 to 375.1140. ——– (L. 1991 H.B. […]