§33-38-1. Short Title
This article may be cited as the "Reinsurance Intermediary Act."
§33-38-10. Examination Authority
(a) A reinsurance intermediary is subject to examination by the commissioner at his or her discretion. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner. (b) A reinsurance intermediary-manager may be examined as if it were the reinsurer.
§33-38-11. Penalties and Liabilities
(a) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with section thirteen, article two of this chapter, to be in violation of any provision or provisions of this article, shall: (1) For each separate violation, pay a penalty in an amount not exceeding $5,000;
§33-38-12. Regulatory Authority
The commissioner is hereby authorized to promulgate reasonable rules, pursuant to chapter twenty-nine-a of the West Virginia code, for the implementation and administration of the provisions of this article, these rules to include, but not be limited to, setting reasonable fees and standards for licensing.
§33-38-13. Fees
Except where it is otherwise specially provided, the Commissioner shall demand and receive the following fees from all reinsurance intermediaries: For receiving and filing annual reports, $100; for filing certified copy of articles of incorporation, $50; for filing copy of its charter, $50; for filing statements preliminary to admission, $100; for filing of designated contract, […]
§33-38-14. Reciprocity
(a) The Commissioner may waive any requirements for a nonresident license applicant with a valid license from the applicant's home state, except the requirements imposed by sections three and three-a of this article, if the applicant's home state awards nonresident licenses to residents of this state on the same basis. (b) A nonresident reinsurance intermediary's […]
§33-38-2. Definitions
The definitions set forth in section two, article twelve of this chapter apply to this article. In addition, as used in this article: (a) "Actuary" means a person who is a member in good standing of the American academy of actuaries. (b) "Controlling person" means any person, firm, association or corporation who directly or indirectly […]
§33-38-3. Licensure
(a) No person, firm, association or corporation may act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation: (1) In this state, unless such reinsurance intermediary-broker is a […]
§33-38-3a. License Applications, Issuance, Refusal and Renewal
(a) An applicant for a reinsurance intermediary license shall file with the Commissioner an application on the form prescribed by the Commissioner and pay a nonrefundable application fee of $500. (b) The application shall include: (1) For a firm or association, the name of each member of the firm or association and of each employee […]
§33-38-4. Required Contract Provisions; Reinsurance Intermediary-Brokers
(a) Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, specifying the responsibilities of each party. (b) Each written authorization shall, at a minimum, provide that: (1) The insurer may terminate the reinsurance intermediary-broker's authority at any time.
§33-38-5. Books and Records; Reinsurance Intermediary-Brokers
(a) For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker will keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting restrictions, classes or risks and territory;
§33-38-6. Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker
(a) An insurer may not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-broker on its behalf unless that person is licensed as required by subsection (a), section three of this article. (b) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with […]
§33-38-7. Required Contract Provisions; Reinsurance Intermediary-Managers
(a) Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity may 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 such reinsurer assumes or cedes business through such producer, a […]
§33-38-8. Prohibited Acts
The reinsurance intermediary-manager may not: (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 the retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements are in […]
§33-38-9. Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary-Manager
(a) A reinsurer may not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-manager on its behalf unless that person is licensed as required by subsection (b), section three of this article. (b) The reinsurer shall annually obtain a copy of statements of the financial condition of each […]