§ 521C.9 — Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

Iowa § 521C.9

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 521C: REINSURANCE INTERMEDIARIES

Text

intermediary-manager.
1. A reinsurer shall not engage the services of a person to act as a reinsurance
intermediary-manager on its behalf unless the person is licensed as required by section
521C.3, subsection 2.
2. The reinsurer shall annually obtain a copy of statements of the financial condition
of each reinsurance intermediary-manager whom the reinsurer has engaged pursuant to
subsection 1. The statements of financial condition shall be prepared by an independent
certified accountant in a form acceptable to the commissioner.
3. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall
annually obtain the opinion of an actuary attesting to the adequacy of loss reserves
established for losses incurred and outstanding on business produced by the reinsurance
intermediary-manager. This opinion shall be in addition to any other required loss reserve
certification.
4. Binding authority for all retrocessional contracts or participation in reinsurance
syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the
reinsurance intermediary-manager.
5. Within thirty 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 shall not appoint to its board of directors any officer, director, employee,
controlling shareholder, or an agent of a producer of its reinsurance intermediary-manager.
This subsection shall not apply to relationships governed by chapter 521A relating to the
regulation of insurance company holding systems or, if applicable, governed by chapter 510A
relating to the regulation of producer controlled property and casualty insurers.