N.J. Admin. Code § 11:17-7.5

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:17-7.5 - Insurer requirements

(a) No insurer or reinsurer shall appoint or continue to use the services of a reinsurance intermediary unless the reinsurance intermediary is qualified to act as a reinsurance intermediary in this State pursuant to N.J.A.C. 11:17-7.3 and 7.4.

(b) Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall be pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. At least 30 days before the reinsurer assumes or cedes business through a reinsurance intermediary-manager, a true copy of the approved contract shall be filed with the Commissioner for approval. The contract shall provide the minimum requirements specified at N.J.S.A. 17:22E-1 et seq.

(c) Within 15 days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of that termination to the Commissioner. The reinsurer shall notify the Department of termination of the reinsurance intermediary-manager relationship by filing a Notice of Termination of a reinsurance intermediary-manager the form set forth as Form B in the Appendix to this subchapter. Agency appointment shall not terminate until notice of termination has been received by the Commissioner.

(d) The insurer shall maintain and make available to the Commissioner upon request a copy of the following:

1. For a reinsurance intermediary-manager:

i. An executed bond in accordance with N.J.A.C. 11:17-7.3(c); and

ii. Proof of the reinsurance intermediary-manager's errors and omissions coverage in accordance with N.J.A.C. 11:7-7.3(c); and

2. For a reinsurance intermediary-broker:

i. An executed contract between the reinsurance intermediary-broker and the insurer or reinsurer.

N.J. Admin. Code § 11:17-7.5

Amended by R.1998 d.233, effective 5/18/1998.
See: 30 N.J.R. 779(a), 30 N.J.R. 1833(a).
In (b), substituted an N.J.S.A. reference for a Public Law reference.