31A-23a-807 - Duties of reinsurers utilizing the services of reinsurance. - Utah Statutes

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Statutes > Utah > Title-31a > Chapter-23a > 31a-23a-807

31A-23a-807. Duties of reinsurers utilizing the services of reinsurance.
(1) A reinsurer may not engage the services of any person, firm, association, orcorporation to act as a reinsurance intermediary-manager on its behalf unless the person islicensed as required by Subsection 31A-23a-801(2).
(2) The reinsurer shall annually obtain a copy of statements of the financial condition ofeach reinsurance intermediary-manager which the reinsurer has engaged, which shall be preparedby an independent certified public accountant in a form acceptable to the commissioner.
(3) If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shallannually obtain the opinion of an actuary attesting to the adequacy of loss reserves established forlosses incurred and outstanding on business produced by the reinsurance intermediary-manager.The actuary's opinion shall be in addition to any other required loss reserve certification.
(4) Binding authority for all retrocessional contracts or participation in reinsurancesyndicates shall rest with an officer of the reinsurer, who may not be affiliated with thereinsurance intermediary-manager.
(5) Within 30 days of termination of a contract with a reinsurance intermediary-manager,the reinsurer shall provide written notification of the termination to the commissioner.
(6) A reinsurer may not appoint to its board of directors, any officer, director, employee,controlling shareholder, or subproducer of its reinsurance intermediary-manager. This subsectiondoes not apply to relationships governed by Title 31A, Chapter 16, Insurance HoldingCompanies, or Chapter 23a, Part 7, Producer Controlled Insurers, if it applies.

Renumbered and Amended by Chapter 298, 2003 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-23a > 31a-23a-807

31A-23a-807. Duties of reinsurers utilizing the services of reinsurance.
(1) A reinsurer may not engage the services of any person, firm, association, orcorporation to act as a reinsurance intermediary-manager on its behalf unless the person islicensed as required by Subsection 31A-23a-801(2).
(2) The reinsurer shall annually obtain a copy of statements of the financial condition ofeach reinsurance intermediary-manager which the reinsurer has engaged, which shall be preparedby an independent certified public accountant in a form acceptable to the commissioner.
(3) If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shallannually obtain the opinion of an actuary attesting to the adequacy of loss reserves established forlosses incurred and outstanding on business produced by the reinsurance intermediary-manager.The actuary's opinion shall be in addition to any other required loss reserve certification.
(4) Binding authority for all retrocessional contracts or participation in reinsurancesyndicates shall rest with an officer of the reinsurer, who may not be affiliated with thereinsurance intermediary-manager.
(5) Within 30 days of termination of a contract with a reinsurance intermediary-manager,the reinsurer shall provide written notification of the termination to the commissioner.
(6) A reinsurer may not appoint to its board of directors, any officer, director, employee,controlling shareholder, or subproducer of its reinsurance intermediary-manager. This subsectiondoes not apply to relationships governed by Title 31A, Chapter 16, Insurance HoldingCompanies, or Chapter 23a, Part 7, Producer Controlled Insurers, if it applies.

Renumbered and Amended by Chapter 298, 2003 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-23a > 31a-23a-807

31A-23a-807. Duties of reinsurers utilizing the services of reinsurance.
(1) A reinsurer may not engage the services of any person, firm, association, orcorporation to act as a reinsurance intermediary-manager on its behalf unless the person islicensed as required by Subsection 31A-23a-801(2).
(2) The reinsurer shall annually obtain a copy of statements of the financial condition ofeach reinsurance intermediary-manager which the reinsurer has engaged, which shall be preparedby an independent certified public accountant in a form acceptable to the commissioner.
(3) If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shallannually obtain the opinion of an actuary attesting to the adequacy of loss reserves established forlosses incurred and outstanding on business produced by the reinsurance intermediary-manager.The actuary's opinion shall be in addition to any other required loss reserve certification.
(4) Binding authority for all retrocessional contracts or participation in reinsurancesyndicates shall rest with an officer of the reinsurer, who may not be affiliated with thereinsurance intermediary-manager.
(5) Within 30 days of termination of a contract with a reinsurance intermediary-manager,the reinsurer shall provide written notification of the termination to the commissioner.
(6) A reinsurer may not appoint to its board of directors, any officer, director, employee,controlling shareholder, or subproducer of its reinsurance intermediary-manager. This subsectiondoes not apply to relationships governed by Title 31A, Chapter 16, Insurance HoldingCompanies, or Chapter 23a, Part 7, Producer Controlled Insurers, if it applies.

Renumbered and Amended by Chapter 298, 2003 General Session