Michigan Compiled Laws 218-1956-11a Chapter 11a Reinsurance Intermediaries (500.1151...500.1171)

• Section 500.1151 Definitions.
  As used in this chapter: (a) “Actuary” means a person who is a member in good standing of the American academy of actuaries, the...
• Section 500.1153 Person Acting As Reinsurance Intermediary-broker; Bond; License; Nonresident; Service Of Process; Refusal To Issue License.
  (1) A person shall not act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker, either directly or as a member or...
• Section 500.1155 Transactions Between Reinsurance Intermediary-broker And Insurer; Authorization.
  Transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity shall be entered into only pursuant to a written authorization, specifying...
• Section 500.1157 Record Of Transaction.
  For at least 10 years after expiration of each contract of reinsurance transacted by a reinsurance intermediary, the reinsurance intermediary will keep a complete...
• Section 500.1159 Person Acting As Reinsurance-broker; License Required; Employment Of Individual Employed By Reinsurance Intermediary-broker; Annual Copy Of Statements Of Financial Condition.
  (1) An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf unless the person is...
• Section 500.1161 Transactions Between Reinsurance Intermediary-manager And Reinsurer; Contract.
  Transactions between a reinsurance intermediary-manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying...
• Section 500.1163 Reinsurance Intermediary-manager; Prohibited Conduct.
  A reinsurance intermediary-manager shall not do any of the following: (a) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may...
• Section 500.1165 Reinsurance Intermediary-manager; License Required; Obtaining Annual Copy Of Statement Of Financial Condition And Opinion Of Actuary; Authority For Retrocessional Contracts Or Participation In Reinsurance Syndicates; Termination Of Contract; Appointment To Board Of Directors.
  (1) A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless the person is...
• Section 500.1167 Reinsurance Intermediary And Reinsurance Intermediary-manager; Examination Of Books, Bank Accounts, And Records.
  (1) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records...
• Section 500.1169 Violation; Penalties.
  (1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner to be in violation of any of the provisions of this chapter, after...
• Section 500.1171 Reinsurance Intermediary; Use Of Services.
  Neither an insurer nor a reinsurer shall continue to use the services of a reinsurance intermediary on or after December 31, 1994 except in...

Last modified: October 10, 2016