§431:9B-103  Required contract provisions;reinsurance intermediary-brokers.  Transactions between a reinsuranceintermediary-broker and the insurer it represents in that capacity shall onlybe entered into pursuant to a written authorization, specifying theresponsibilities of each party.  The authorization, at a minimum, shall providethat:

(1)  The insurer may terminate the reinsuranceintermediary-broker's authority at any time;

(2)  The reinsurance intermediary-broker shall renderaccounts to the insurer accurately detailing all material transactions,including information necessary to support all commissions, charges, and otherfees received by, or owing to, the reinsurance intermediary-broker, and remitall funds due to the insurer within thirty days of receipt;

(3)  All funds collected for the insurer's accountshall be held by the reinsurance intermediary-broker in a fiduciary capacityand deposited in a bank that is a qualified United States financialinstitution;

(4)  The reinsurance intermediary-broker shall complywith section 431:9B-104;

(5)  The reinsurance intermediary-broker shall complywith the written standards established by the insurer for the cession orretrocession of all risks; and

(6)  The reinsurance intermediary-broker shall discloseto the insurer any relationship with any reinsurer to which business will beceded or retroceded. [L 1992, c 176, pt of §6; am L 1993, c 321, §12]