Article 45.--REGULATION OF REINSURANCE INTERMEDIARIES
40-4509.Same; conditions; manager to provide reinsurer annual statementof financial condition; actuarial opinion on adequacy of loss reserves;authority overretrocessional contracts and syndicate participation; notice of contracttermination to commissioner; reinsurance manager, officers, directors,employees, controlling shareholders and subproducers ineligible for appointmentto reinsurer board.(a) A reinsurer shall not engage the services of any person,firm, association or corporation to act as a reinsurance manager on its behalfunless such person is licensed as required by subsection (b) of K.S.A.40-4503.
(b) The reinsurer shall annually obtain a copy of statements of thefinancial condition of each reinsurance manager which such reinsurer hasengaged to be prepared by an independent certified accountant in a formacceptable tothe commissioner.
(c) If a reinsurance manager establishes loss reserves, the reinsurer shallannually obtain the opinion of an actuary attesting to the adequacy of lossreserves established for losses incurred and outstanding on business producedby the reinsurance manager. This opinion shall be in addition to any otherrequired loss reserve certification.
(d) Binding authority for all retrocessional contracts or participation inreinsurance syndicates shall rest with an officer of the reinsurer who shallnot be affiliated with the reinsurance manager.
(e) Within 30 days of termination of a contract with a reinsurance manager,the reinsurer shall provide written notification of such termination to thecommissioner.
(f) A reinsurer shall not appoint to its board of directors, any officer,director, employee, controlling shareholder or subproducer of its reinsurancemanager. This subsection shall not apply to relationships governed by theholding company act or, if applicable, the broker controlled insurer act.
Article 45.--REGULATION OF REINSURANCE INTERMEDIARIES
40-4509.Same; conditions; manager to provide reinsurer annual statementof financial condition; actuarial opinion on adequacy of loss reserves;authority overretrocessional contracts and syndicate participation; notice of contracttermination to commissioner; reinsurance manager, officers, directors,employees, controlling shareholders and subproducers ineligible for appointmentto reinsurer board.(a) A reinsurer shall not engage the services of any person,firm, association or corporation to act as a reinsurance manager on its behalfunless such person is licensed as required by subsection (b) of K.S.A.40-4503.
(b) The reinsurer shall annually obtain a copy of statements of thefinancial condition of each reinsurance manager which such reinsurer hasengaged to be prepared by an independent certified accountant in a formacceptable tothe commissioner.
(c) If a reinsurance manager establishes loss reserves, the reinsurer shallannually obtain the opinion of an actuary attesting to the adequacy of lossreserves established for losses incurred and outstanding on business producedby the reinsurance manager. This opinion shall be in addition to any otherrequired loss reserve certification.
(d) Binding authority for all retrocessional contracts or participation inreinsurance syndicates shall rest with an officer of the reinsurer who shallnot be affiliated with the reinsurance manager.
(e) Within 30 days of termination of a contract with a reinsurance manager,the reinsurer shall provide written notification of such termination to thecommissioner.
(f) A reinsurer shall not appoint to its board of directors, any officer,director, employee, controlling shareholder or subproducer of its reinsurancemanager. This subsection shall not apply to relationships governed by theholding company act or, if applicable, the broker controlled insurer act.
Article 45.--REGULATION OF REINSURANCE INTERMEDIARIES
40-4509.Same; conditions; manager to provide reinsurer annual statementof financial condition; actuarial opinion on adequacy of loss reserves;authority overretrocessional contracts and syndicate participation; notice of contracttermination to commissioner; reinsurance manager, officers, directors,employees, controlling shareholders and subproducers ineligible for appointmentto reinsurer board.(a) A reinsurer shall not engage the services of any person,firm, association or corporation to act as a reinsurance manager on its behalfunless such person is licensed as required by subsection (b) of K.S.A.40-4503.
(b) The reinsurer shall annually obtain a copy of statements of thefinancial condition of each reinsurance manager which such reinsurer hasengaged to be prepared by an independent certified accountant in a formacceptable tothe commissioner.
(c) If a reinsurance manager establishes loss reserves, the reinsurer shallannually obtain the opinion of an actuary attesting to the adequacy of lossreserves established for losses incurred and outstanding on business producedby the reinsurance manager. This opinion shall be in addition to any otherrequired loss reserve certification.
(d) Binding authority for all retrocessional contracts or participation inreinsurance syndicates shall rest with an officer of the reinsurer who shallnot be affiliated with the reinsurance manager.
(e) Within 30 days of termination of a contract with a reinsurance manager,the reinsurer shall provide written notification of such termination to thecommissioner.
(f) A reinsurer shall not appoint to its board of directors, any officer,director, employee, controlling shareholder or subproducer of its reinsurancemanager. This subsection shall not apply to relationships governed by theholding company act or, if applicable, the broker controlled insurer act.
