Section 31A-23a-802 - Required contract provisions - Reinsurance intermediary-brokerTransactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, which specifies the responsibilities of each party. The authorization shall, at a minimum, provide that the reinsurance intermediary-broker:
(1) may have his authority terminated by the insurer at any time;(2) will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to the reinsurance intermediary-broker, and that he will remit all funds due to the insurer within 30 days of receipt;(3) shall hold, in a fiduciary capacity, all funds collected for the insurer's account in a financial institution, which is a qualified United States financial institution;(4) will comply with Section 31A-23a-803;(5) will comply with the written standards established by the insurer for the cession or retrocession of all risks; and(6) will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.Renumbered and Amended by Chapter 298, 2003 General Session.