Cross References
Credit for reinsurance, see article 4A.
Law Journals and Reviews
Reinsurance Intermediaries: Law and Litigation. 29 UH L. Rev. 59 (2006).
[§431:9B-107] Prohibited acts. The reinsurance intermediary-manager shall not:
(1) 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 such retrocessions. The guidelines shall include a list of reinsurers with which those automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;
(2) Commit the reinsurer to participate in reinsurance syndicates;
(3) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which the producer is appointed;
(4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay, a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one per cent of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year;
(5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer;
(6) Jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary-manager is under common control with the reinsurer subject to article 11; or
(7) Appoint a sub-reinsurance intermediary-manager. [L 1992, c 176, pt of §6]
Section: Previous 431-9a-160 431-9b-101 431-9b-102 431-9b-103 431-9b-104 431-9b-105 431-9b-106 431-9b-107 431-9b-108 431-9b-109 431-9b-110 431-9b-111 431-9c-101 431-9c-102 431-9c-103 NextLast modified: October 27, 2016