Article 45.--REGULATION OF REINSURANCE INTERMEDIARIES
40-4502.Definitions.As used in this act:
(a) "Actuary" means a person who is a member in good standing of theAmerican academy of actuaries.
(b) "Controlling person" means any person, firm, association or corporationwho directly or indirectly has the power to direct or cause to be directed, themanagement, control or activities of the reinsurance intermediary.
(c) "Insurer" means any person, firm, association or corporation dulylicensed in this state, pursuant to chapter 40 of the Kansas StatutesAnnotated, as an insurer.
(d) "Licensed producer" means an agent or reinsuranceintermediarylicensed pursuant to the applicable provision of the Kansas Statutes Annotated.
(e) "Reinsurance intermediary" means a reinsurance intermediary-broker or areinsurance intermediary-manager as these terms are defined in subsections (f)and (g).
(f) "Reinsurance intermediary-broker" or "reinsurance broker" means anyperson, other than an officer or employee of the ceding insurer, firm,association or corporation who solicits, negotiates or places reinsurancecessions or retrocessions on behalf of a ceding insurer without the authorityor power to bind reinsurance on behalf of such insurer.
(g) "Reinsurance intermediary-manager" or "reinsurance manager" means anyperson, firm, association or corporation who has authority to bind or managesall or part of the assumed reinsurance business of a reinsurer, including themanagement of a separate division, department or underwriting office, and actsas an agent for such reinsurer whether known as a reinsurance manager, manageror other similar term. Notwithstanding the above, the following persons shallnot be considered a reinsurance manager, with respect to such reinsurer, forthe purposes of this act:
(1) An employee of the reinsurer;
(2) a U.S. manager of the United States branch of an alien reinsurer;
(3) an underwriting manager who, pursuant to contract, manages all thereinsurance operations of the reinsurer, is under common control with thereinsurer, subject to the holding company act, and whose compensation is notbased on the volume of premiums written;
(4) the manager of a group, association, pool or organization of insurerswhich engage in joint underwriting or joint reinsurance and who are subject toexamination by the chief insurance regulatory official of the state in whichthe manager's principal business office is located.
(h) "Reinsurer" means any person, firm, association or corporation dulylicensed in this state pursuant to chapter 40 of the Kansas Statutes Annotatedas an insurer with the authority to assume reinsurance.
(i) "To be in violation" means that the reinsurance intermediary, insurer orreinsurer for whom the reinsurance intermediary was acting failed tosubstantially comply with the provisions of this act.
(j) For purposes of this act, a "qualified United States financialinstitution" means an institution that:
(1) Is organized or, in the case of a United States office of a foreignbanking organization licensed, under the laws of the United States or any statethereof;
(2) is regulated, supervised and examined by United States federal or stateauthorities having regulatory authority over banks and trust companies; and
(3) has been determined by either the commissioner, or the securitiesvaluation office of the national association of insurance commissioners, tomeet such standards of financial condition and standing as are considerednecessary and appropriate to regulate the quality of financial institutionswhose letters of credit will be acceptable to the commissioner.
(k) "Commissioner" means the commissioner of insurance of this state.
History: L. 1992, ch. 15, § 2;L. 2005, ch. 163, § 8; July 1.
Article 45.--REGULATION OF REINSURANCE INTERMEDIARIES
40-4502.Definitions.As used in this act:
(a) "Actuary" means a person who is a member in good standing of theAmerican academy of actuaries.
(b) "Controlling person" means any person, firm, association or corporationwho directly or indirectly has the power to direct or cause to be directed, themanagement, control or activities of the reinsurance intermediary.
(c) "Insurer" means any person, firm, association or corporation dulylicensed in this state, pursuant to chapter 40 of the Kansas StatutesAnnotated, as an insurer.
(d) "Licensed producer" means an agent or reinsuranceintermediarylicensed pursuant to the applicable provision of the Kansas Statutes Annotated.
(e) "Reinsurance intermediary" means a reinsurance intermediary-broker or areinsurance intermediary-manager as these terms are defined in subsections (f)and (g).
(f) "Reinsurance intermediary-broker" or "reinsurance broker" means anyperson, other than an officer or employee of the ceding insurer, firm,association or corporation who solicits, negotiates or places reinsurancecessions or retrocessions on behalf of a ceding insurer without the authorityor power to bind reinsurance on behalf of such insurer.
(g) "Reinsurance intermediary-manager" or "reinsurance manager" means anyperson, firm, association or corporation who has authority to bind or managesall or part of the assumed reinsurance business of a reinsurer, including themanagement of a separate division, department or underwriting office, and actsas an agent for such reinsurer whether known as a reinsurance manager, manageror other similar term. Notwithstanding the above, the following persons shallnot be considered a reinsurance manager, with respect to such reinsurer, forthe purposes of this act:
(1) An employee of the reinsurer;
(2) a U.S. manager of the United States branch of an alien reinsurer;
(3) an underwriting manager who, pursuant to contract, manages all thereinsurance operations of the reinsurer, is under common control with thereinsurer, subject to the holding company act, and whose compensation is notbased on the volume of premiums written;
(4) the manager of a group, association, pool or organization of insurerswhich engage in joint underwriting or joint reinsurance and who are subject toexamination by the chief insurance regulatory official of the state in whichthe manager's principal business office is located.
(h) "Reinsurer" means any person, firm, association or corporation dulylicensed in this state pursuant to chapter 40 of the Kansas Statutes Annotatedas an insurer with the authority to assume reinsurance.
(i) "To be in violation" means that the reinsurance intermediary, insurer orreinsurer for whom the reinsurance intermediary was acting failed tosubstantially comply with the provisions of this act.
(j) For purposes of this act, a "qualified United States financialinstitution" means an institution that:
(1) Is organized or, in the case of a United States office of a foreignbanking organization licensed, under the laws of the United States or any statethereof;
(2) is regulated, supervised and examined by United States federal or stateauthorities having regulatory authority over banks and trust companies; and
(3) has been determined by either the commissioner, or the securitiesvaluation office of the national association of insurance commissioners, tomeet such standards of financial condition and standing as are considerednecessary and appropriate to regulate the quality of financial institutionswhose letters of credit will be acceptable to the commissioner.
(k) "Commissioner" means the commissioner of insurance of this state.
History: L. 1992, ch. 15, § 2;L. 2005, ch. 163, § 8; July 1.
Article 45.--REGULATION OF REINSURANCE INTERMEDIARIES
40-4502.Definitions.As used in this act:
(a) "Actuary" means a person who is a member in good standing of theAmerican academy of actuaries.
(b) "Controlling person" means any person, firm, association or corporationwho directly or indirectly has the power to direct or cause to be directed, themanagement, control or activities of the reinsurance intermediary.
(c) "Insurer" means any person, firm, association or corporation dulylicensed in this state, pursuant to chapter 40 of the Kansas StatutesAnnotated, as an insurer.
(d) "Licensed producer" means an agent or reinsuranceintermediarylicensed pursuant to the applicable provision of the Kansas Statutes Annotated.
(e) "Reinsurance intermediary" means a reinsurance intermediary-broker or areinsurance intermediary-manager as these terms are defined in subsections (f)and (g).
(f) "Reinsurance intermediary-broker" or "reinsurance broker" means anyperson, other than an officer or employee of the ceding insurer, firm,association or corporation who solicits, negotiates or places reinsurancecessions or retrocessions on behalf of a ceding insurer without the authorityor power to bind reinsurance on behalf of such insurer.
(g) "Reinsurance intermediary-manager" or "reinsurance manager" means anyperson, firm, association or corporation who has authority to bind or managesall or part of the assumed reinsurance business of a reinsurer, including themanagement of a separate division, department or underwriting office, and actsas an agent for such reinsurer whether known as a reinsurance manager, manageror other similar term. Notwithstanding the above, the following persons shallnot be considered a reinsurance manager, with respect to such reinsurer, forthe purposes of this act:
(1) An employee of the reinsurer;
(2) a U.S. manager of the United States branch of an alien reinsurer;
(3) an underwriting manager who, pursuant to contract, manages all thereinsurance operations of the reinsurer, is under common control with thereinsurer, subject to the holding company act, and whose compensation is notbased on the volume of premiums written;
(4) the manager of a group, association, pool or organization of insurerswhich engage in joint underwriting or joint reinsurance and who are subject toexamination by the chief insurance regulatory official of the state in whichthe manager's principal business office is located.
(h) "Reinsurer" means any person, firm, association or corporation dulylicensed in this state pursuant to chapter 40 of the Kansas Statutes Annotatedas an insurer with the authority to assume reinsurance.
(i) "To be in violation" means that the reinsurance intermediary, insurer orreinsurer for whom the reinsurance intermediary was acting failed tosubstantially comply with the provisions of this act.
(j) For purposes of this act, a "qualified United States financialinstitution" means an institution that:
(1) Is organized or, in the case of a United States office of a foreignbanking organization licensed, under the laws of the United States or any statethereof;
(2) is regulated, supervised and examined by United States federal or stateauthorities having regulatory authority over banks and trust companies; and
(3) has been determined by either the commissioner, or the securitiesvaluation office of the national association of insurance commissioners, tomeet such standards of financial condition and standing as are considerednecessary and appropriate to regulate the quality of financial institutionswhose letters of credit will be acceptable to the commissioner.
(k) "Commissioner" means the commissioner of insurance of this state.
History: L. 1992, ch. 15, § 2;L. 2005, ch. 163, § 8; July 1.
