Transactions between a broker 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, provide that:
(1) The insurer may terminate the broker's authority at any time;
(2) The broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the broker, and remit all funds due to the insurer within 30 days of receipt;
(3) All funds collected for the insurer's account will be held by the broker in a fiduciary capacity in a bank which is a qualified United States financial institution;
(4) The broker will comply with Code Section 33-49-5;
(5) The broker will comply with the written standards established by the insurer for the cession or retrocession of all risks; and
(6) The broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
Section: Previous 33-49-1 33-49-2 33-49-3 33-49-4 33-49-5 33-49-6 33-49-7 33-49-8 33-49-9 33-49-10 33-49-11 NextLast modified: October 14, 2016