(1) For purposes of ORS 744.800 to 744.818:
(a) A reinsurance intermediary broker is a person who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without acting as a reinsurance intermediary manager on behalf of the insurer.
(b) A reinsurance intermediary manager is a person who has authority to bind a reinsurer or who manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an insurance producer for the reinsurer, regardless of the title or designation of the person.
(c) A reinsurance intermediary means a reinsurance intermediary broker or a reinsurance intermediary manager.
(d) “Business entity” has the meaning given that term in ORS 731.116.
(2) A person may act as a reinsurance intermediary broker in this state only as follows:
(a) The person maintains an office in this state either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation, and the person is a licensed insurance producer or reinsurance intermediary in this state; or
(b) The person maintains an office in another state either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation, and the person is a licensed insurance producer or reinsurance intermediary in this state or another state having laws substantially similar to ORS 744.800 to 744.818.
(3) A person may act as a reinsurance intermediary manager only as follows:
(a) A person may act as a reinsurance intermediary manager for a reinsurer domiciled in this state if the person is a licensed insurance producer or reinsurance intermediary in this state.
(b) A person may act as a reinsurance intermediary manager in this state if the person maintains an office in this state either directly or as a member or employee of a firm or association, or as an officer, director or employee of a corporation, if the person is a licensed insurance producer or reinsurance intermediary in this state.
(4) The Director of the Department of Consumer and Business Services may issue a reinsurance intermediary license to any person that has complied with the requirements of this section. A license issued to a firm or association authorizes all of the members of the firm or association and any designated employees of the firm or association to act as reinsurance intermediaries under the license. All such persons must be named in the license application and any supplements to the application. A license issued to a corporation authorizes all of the officers and any designated employees and directors of the corporation to act as reinsurance intermediaries on behalf of the corporation. All such persons must be named in the license application and any supplements to the application.
(5) The director shall issue a resident reinsurance intermediary license to a person if the person holds an insurance producer license issued under ORS 744.062 and indorsed with the designation of reinsurance intermediary.
(6) The director shall issue a nonresident reinsurance intermediary license to a person if:
(a) The person is currently licensed in the person’s home state as a resident reinsurance intermediary or insurance producer and is in good standing in the person’s home state;
(b) The person has submitted the proper request for a license and has paid the applicable fees;
(c) The person has submitted or transmitted to the director the license application that the person submitted to the person’s home state or, in lieu of that application, a completed application acceptable to the director; and
(d) The person’s home state awards nonresident reinsurance intermediary licenses to residents of this state on the same basis.
(7) The director may refuse to issue a reinsurance intermediary license if, in the director’s judgment:
(a) The application, anyone named in the application or any member, principal, officer, director or controlling person of the applicant is not trustworthy; or
(b) Any person described in paragraph (a) of this subsection has given cause for revocation or suspension of the license or has failed to comply with any requirement for issuance of the license.
(8) In order to obtain and maintain the indorsement of reinsurance intermediary manager, a resident reinsurance intermediary must satisfy the requirements of ORS 744.818 regarding errors and omissions insurance. [1993 c.447 §74; 2001 c.191 §41; 2003 c.364 §27]
Section: Previous 744.728 744.730 744.732 744.734 744.736 744.738 744.740 744.800 744.802 744.804 744.806 744.808 744.810 744.812 744.814 NextLast modified: August 7, 2008