California Insurance Code CHAPTER 6.5 - Reinsurance Intermediaries

Section 1781.1.
This chapter shall be known and may be cited as the Reinsurance Intermediary Act.(Added by Stats. 1991, Ch. 1009, Sec. 1.)
Section 1781.2.
As used in this chapter:(a) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries, the Casualty Actuarial Society,...
Section 1781.3.
(a) No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this state unless licensed as follows:(1) If the reinsurance intermediary-broker maintains an office,...
Section 1781.4.
Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization specifying the...
Section 1781.5.
(a) For at least 10 years after expiration of each contract of reinsurance transacted by a reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record...
Section 1781.6.
(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the...
Section 1781.7.
Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract specifying the...
Section 1781.8.
The reinsurance intermediary-manager shall not do any of the following:(a) Directly or indirectly receive any compensation for the placement of retrocessions on behalf of the reinsurer....
Section 1781.9.
(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-manager on its behalf, unless the...
Section 1781.10.a.
(a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of each...
Section 1781.11.
(a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of this chapter, after a hearing conducted in accordance with Chapter...
Section 1781.12.
The commissioner may adopt reasonable rules and regulations for the implementation and administration of this chapter.(Added by Stats. 1991, Ch. 1009, Sec. 1.)
Section 1781.13.
No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary on and after January 1, 1992, unless utilization is in compliance...
Section 1781.14.
(a) A reinsurance intermediary shall comply with any order of a court of competent jurisdiction or a duly constituted arbitration panel requiring the production of nonprivileged...

Last modified: October 22, 2018